Are home prices going up or down in Phoenix?

In Phoenix-Mesa-Chandler, the typical home price is going down. The median listing price is \$489,500 right now. This price has dropped by 1.7% from the previous month and by 5.9% over the past year. There are 18,728 homes for sale, which is a bit fewer than last year. New listings have gone up by 6.6% compared to last year, meaning more homes are coming onto the market. Homes are also taking longer to sell, staying on the market for a median of 64 days. About 28.7% of homes have had their prices cut, which is a sign that sellers are adjusting their expectations. Even with more new homes available, the overall supply of homes for sale is slightly down compared to last year. However, fewer homes are selling quickly, as indicated by the longer time on market and price reductions. If you are thinking of buying, these trends suggest that you might find opportunities to negotiate on price as the market cools. If selling, be prepared to price competitively and patiently.