Should I buy new construction or resale in Phoenix?

It looks like buying a resale home might be a better option right now in Phoenix. Resale homes typically align more with the current market trends, where prices are slightly down. The overall median listing price in Phoenix is $498,000, which has dropped by 5.1% over the last year. This suggests that resale homes are becoming more affordable. There are also more new homes coming onto the market. New listings are up 9.5% from last year, with 7,444 homes listed in May. This means you have more options to choose from, and increased competition among sellers typically keeps prices in check. Homes are staying on the market longer, with a median of 60 days. This is 3.5% longer than last year, giving you more time to consider your options and negotiate. Almost 3 out of 10 homes (28.2%) have had their prices reduced, down 3.1% from last year, showing sellers are adjusting expectations. For you, this means you have more negotiating power as a buyer. You can take your time to find a home that fits your needs and budget, and you’re more likely to find a deal on a resale home.