How is the Phoenix housing market doing?

The Phoenix housing market is seeing prices drop slightly compared to last year, but there are more new homes coming onto the market. The typical home in Phoenix is now listed at $498,000. That\'s a small dip of 0.2% from last month and a larger drop of 5.1% from a year ago. Homes are also spending a bit more time on the market, now at 60 days compared to last year. Even with these price changes, there are more homes for sale. We\'re seeing 9.5% more new listings than last year, which means more choices for buyers. However, the overall number of active listings is down 4.1% from last year. About 28.2% of homes have lowered their prices, which is a bit less than last year. This suggests that while some sellers are adjusting, the need for big price cuts isn\'t as strong as it was. If you\'re looking to buy, you have more new homes to consider, and prices are a bit lower than last year. If you\'re selling, be aware that homes are taking a bit longer to find a buyer.