Is Phoenix a buyer's market right now?

Looking at the most recent data, Phoenix is showing some signs that favor buyers, though it's not a full-blown buyer's market. Prices have come down a bit, and there are more homes to choose from than there were this time last year. The median price for homes right now is $475,000. This is 4.8% lower than it was over the past year. Also, the average listing price has fallen 2.0% year-over-year, which means homes are generally a little less expensive. You have more options to consider because active listings have increased by 5.2% over the past year. There are currently 17,707 homes for sale, giving buyers a wider selection. Homes are also staying on the market for an average of 67 days. While this is slightly less time than the year before, nearly 28% of homes have had their prices reduced, suggesting some flexibility for buyers. The median price per square foot is $264, which is 1.4% lower than last year. This trend in price per square foot, alongside the overall price drops, indicates a slight cooling in prices. For those looking to buy a home, the current trends suggest you might find more negotiation room and a better selection of homes compared to the recent past.