Are home prices going up or down in Phoenix?

In Phoenix, home prices have seen a slight dip over the past year. However, they remained steady in the most recent month. The median listing price in Phoenix is currently $475,000. This is down 4.8% compared to prices a year ago. The average listing price also decreased by 3.0% over the last year, reaching $764,897. Even with this yearly decrease, prices haven't changed much recently. The median listing price stayed exactly the same month-over-month. The cost per square foot is also slightly lower than last year, at $264, which is down 1.8%. More homes are available now compared to last year. Active listings increased by 7.5% to 18,437 homes, and new listings are up 3.6% to 7,322. At the same time, homes are selling a little faster, with the median days on market at 62 days, down 4.7% from last year. Many sellers are having to lower their asking prices. Right now, 29.0% of homes have had a price reduction, which is up 2.0% compared to a year ago. This suggests that some sellers are adjusting to the current market conditions. If you are considering buying, the slight decrease in prices over the year and more options becoming available could be beneficial. For sellers, pricing your home strategically from the start is important.