How is the Phoenix housing market doing?

The Phoenix housing market shows a slight cooling trend, with median listing prices holding steady in the most recent month but down compared to last year. It's a market where buyers have a bit more room to negotiate. Prices per square foot are also a little lower than last year.The median price for a home in Phoenix right now is $475,000, which hasn't changed from the prior month. However, this price is about 4.8% less than what it was over the past year. The average listing price also dipped by 3.0% over the past year, currently at $764,897.There are more homes for sale compared to last year, with active listings up by 7.5%, now at 18,437. New homes coming onto the market also increased by 3.6%. This means buyers have more choices available to them.Homes are staying on the market for an average of 62 days, which is slightly less time than over the past year. This shows that while there are more homes, they are still finding buyers. However, nearly 30% of homes have had their prices reduced, an increase from last year, suggesting sellers are adjusting expectations.If you're looking to buy in Phoenix, you might find more options and a better chance to negotiate on price than you would have a year ago.