What is the cost of living in Phoenix?

In Phoenix, the typical home on the market is listed at $475,000 right now. This price hasn't changed from the prior month, but it is a bit lower than it was a year ago. Over the past year, home prices have seen a slight dip. The median listing price is down 4.8% from last year, and the average listing price has fallen 3.0%. Even the price per square foot is a bit lower than it was a year ago, at $264. There are more homes for sale compared to last year, with active listings up 7.5%. There are also more new homes coming onto the market, increasing by 3.6% over the past year. However, fewer homes are going under contract compared to a year ago. Homes are selling a bit faster than they used to, staying on the market for 62 days on average, which is about 5% quicker than last year. About 29% of homes have had a price reduction, which is a slightly higher share than a year ago. If you're thinking about buying or selling in Phoenix, these numbers suggest prices have eased a little, and homes are moving fairly quickly once listed.