Is Phoenix a buyer's market right now?

Looking at the numbers, things are leaning more in favor of buyers right now in Phoenix-Mesa-Chandler. You have more homes to choose from, and prices have softened a bit. Right now, the median price for a home is $475,000. That hasn't changed in the most recent month, but it is 4.8% lower than it was over the past year. Also, the average price per square foot is down 1.8% compared to last year. There are 18,437 active listings, which means there are 7.5% more homes available than there were last year. While 7,322 new listings came onto the market, this increase is only 3.6% higher than last year, suggesting supply isn't surging dramatically. Homes are taking a bit longer to sell, too. The median time a home stays on the market is 62 days, which is almost 5% longer than it was a year ago. Also, nearly a third of homes, about 29%, have had their prices reduced. For someone looking to buy, these trends suggest a bit more breathing room and potentially more negotiation power. You have a wider selection and prices are not going up.