Should I buy new construction or resale in Phoenix?

This is a great question. You're wondering if buying a brand-new home or an existing one is the right move for you right now in Phoenix. Let's explore what the latest numbers tell us to help you decide. When we look at the median listing price in Phoenix, we see it's currently $489,500. This price has dropped a little recently, down 1.7% from the previous month and a bigger 5.9% compared to last year. Right now, there are 18,728 homes for sale. This is fewer homes than last year, down by 3.4%. However, more new homes are coming on the market, up 6.6% compared to last year. Homes are also selling a little faster. The typical home stays on the market for 64 days, which is slightly less time than last year. Also, fewer homes are having their prices cut, down 4.4% from last year. Deciding between new construction and resale often comes down to your priorities. If you're looking for a potentially lower price, the current market trends with overall price reductions might favor resale homes. However, the increase in new listings could mean more options for new construction, but we don't have enough information to know if those are cheaper or more expensive.