Are sellers cutting prices in Phoenix?

The latest numbers show that sellers in Phoenix are indeed cutting prices. Almost three out of ten homes on the market have had their prices lowered. This suggests that original asking prices might be a bit too high for current buyers. The overall listing prices are also coming down. The median listing price is $489,500, which is down 1.7% from the previous month and 5.9% lower than last year. The average listing price also dropped, now at $818,462, a 2.5% decrease compared to last year. Even the price per square foot is down to $269, a 2.0% decrease from last year. This means homes are generally valued less per square foot than they were. However, the number of homes with price reductions has actually gone down slightly compared to last year, by 4.4%. This could mean that fewer sellers are needing to adjust their prices now compared to a year ago, even though the total number of homes seeing reductions is still high. If you're selling, pricing your home correctly from the start is extra important. It can help you avoid having to cut your price later on, especially when nearly 30% of other sellers are making those adjustments.