How is the Phoenix housing market doing?

Right now, the Phoenix housing market shows slightly lower prices compared to last year and last month. There are more homes for sale, but they are selling a bit faster than before. Currently, the typical home in Phoenix is listed at $475,000. This is 1.4% less than the month before and 4.8% lower than the same time last year. This means prices have been gently coming down. There are 17,707 homes actively for sale, which is 5.2% more than a year ago. Even with more homes available, houses are staying on the market for 67 days, which is slightly quicker (4.3% less time) than last year. About 27.6% of homes have had their prices reduced. While still a notable amount, this is a small decrease from last year, suggesting slightly more stability in pricing. If you are thinking about buying, you might find more options and potentially better deals than a year ago. If you're selling, be aware of the slight dip in prices and the increased competition from more homes on the market.