How is the Phoenix housing market doing?

The Phoenix housing market shows a dip in prices with some good news for buyers, but homes are still moving fairly quickly. The median listing price is $489,500, a slight decrease from last month and compared to last year. Homes in Phoenix are selling a little faster than last year, with the typical home spending 64 days on the market. This means about two months from listing to sale, which is a steady pace. There are 18,728 active listings, but fewer new homes are coming onto the market compared to a year ago. This can create a bit of competition even with lower prices, as there aren't as many fresh options appearing. Nearly 29% of homes have lowered their prices, which suggests that sellers are adjusting their expectations. This is more common now than it was a year ago, indicating a shift in pricing power. If you are looking to buy, the recent price drops and the number of homes with price reductions could offer some opportunities. Sellers might be more willing to negotiate right now.