Should I wait to buy a home in Phoenix?

Deciding to buy a home depends on your personal situation, but looking at the current numbers, it could be a good time to consider buying in Phoenix. Prices have come down over the past year, and homes are generally staying on the market a little longer. The median listing price in Phoenix is $498,000, which is 5.1% lower than it was a year ago. This means homes are listed for less money now compared to last year, which could save you money on your purchase. Homes are also taking a bit longer to sell, with a median of 60 days on the market. This is 3.5% longer than last year, giving you more time to look at properties and make a decision without feeling rushed. Also, fewer homes are having their prices cut compared to last year (28.2% versus 31.3%), which might mean original pricing is more realistic. There are slightly fewer homes for sale overall than last year, with active listings down 4.1%. However, more new homes are coming onto the market, up 9.5% from last year. This means you will have fresh options to choose from regularly. With prices lower than last year and homes taking a bit longer to sell, you might have more negotiating power now. If you are ready, it could be a good time to find a home that fits your budget and needs.