Should I buy new construction or resale in Phoenix?

Deciding between new construction and a resale home right now in Phoenix depends on your priorities, but the market shows some key trends to consider. The overall median listing price is down compared to last year, which could offer some savings. While the data doesn't separate new from old homes, we can look at the general market conditions. Right now, the median listing price in Phoenix is $475,000. This price is down by 1.4% from the previous month and 4.8% compared to last year, meaning homes are generally less expensive than they were a year ago. There are more homes available for sale now, with active listings up 5.2% from last year, totaling 17,707 properties. This increased choice means you might find more options, whether you're looking at new builds or existing homes. Homes are selling a bit faster, too, spending a median of 67 days on the market, which is 4.3% less time than last year. Fewer homes are seeing price reductions compared to last year, with 27.6% having price cuts, down 0.8% year-over-year. Considering the slight drop in prices and increased inventory, you might find good opportunities in both new construction and resale. Think about what matters most to you: the potential for customization in a new home or the established character and potentially lower price point of a resale home.