Is Phoenix a buyer's market right now?

There are fewer homes for sale in Phoenix right now than there were a year ago, but prices are also a bit lower. The typical home is selling for about $498,000. It is taking longer for homes to sell. This suggests a more balanced market rather than one heavily favoring buyers. The number of homes for sale, called active listings, is down by 4.1% compared to last year. Even with fewer homes available, new listings are up by 9.5%, which means more choices are coming onto the market for people looking to buy. The median price for a home is $498,000, which is slightly down by 5.1% from last year. The average listing price also dropped by 2.3% to $849,438. This shows that prices have cooled off a bit, which can be helpful for buyers. Homes in Phoenix are staying on the market longer, now at 60 days. This is 3.5% more than last year. Also, 28.2% of homes have had their prices reduced by sellers, suggesting that sellers are willing to negotiate more. For you, as someone looking to buy, these trends mean you have more room to negotiate. With prices slightly lower and homes taking longer to sell, you might be able to find a good deal and have a bit more time to make your decision.