Should I wait to buy a home in Phoenix?

There are signs that home prices in Phoenix might be leveling out, but it's not a clear picture for waiting to buy. While prices have come down a bit over the past year, fewer homes are sitting on the market for long periods. You should consider your personal financial situation and housing needs before making a decision. The median listing price right now is $489,500. This is a 1.7% drop from the previous month and a larger 5.9% decrease compared to this time last year. This suggests that prices have been cooling. However, homes are selling a bit quicker than they were. The median time a home stays on the market is 64 days, which is almost the same as last year, but slightly less. Also, fewer sellers are dropping their prices; the share of price reductions has gone down by 4.4% over the past year. There are 18,728 active listings, which is a small decrease from last year. However, new listings are up 6.6% year-over-year, with 6,868 new homes recently hitting the market. This could mean more choices for you in the near future. Think about what you can comfortably afford and what kind of home you need. If you find a home that fits your budget and lifestyle now, it might be a good time for you.