Are home prices going up or down in Phoenix?

In Phoenix, home prices are currently going down, both compared to last month and last year. The typical home is listed for just under $482,000 right now.This median listing price is 1.5% lower than the previous month and 4.6% lower than it was a year ago. This means homes are generally becoming a bit more affordable.On average, homes are staying on the market for 67 days, which is slightly faster than last year. Even with prices coming down, almost 3 out of every 10 homes have had a price reduction.The number of homes for sale is a little lower than last year, but the number of brand new listings is up slightly. This indicates a fairly balanced market where homes are still selling.For you as a homebuyer, this could be a good time to find a home with a bit more wiggle room for negotiations, as prices have been trending downward.