Home News More areas of the Valley shifting to a “buyer’s market” for homes

More areas of the Valley shifting to a “buyer’s market” for homes

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PHOENIX — The Valley housing market continues to cool, with some regions being hit more than others.

Just a few months ago in May, the statewide housing market went red hot. Inventories have dwindled and prices have increased by double digits each year.

Rising interest rates combined with these large price increases have hit the real estate market in some areas.

The Cromford Index is an industry tool used by many Phoenix-based real estate agents. Measures whether a city is considered a buyer’s market, a seller’s market, or an equilibrium.

Based on the latest data, the suburban cities of the Phoenix Metro, including the towns of Buckeye, Queen Creek, and Maricopa, are deeply in the realm of the buyer’s market.

The East Valley suburbs of Gilbert, Tempe and Chandler continue to move in the same direction.

At the other end of the spectrum are Scottsdale, Paradise Valley, and Fountain Hills, just east of Phoenix, which includes some of the state’s highest income zip codes.

Home sellers still have an advantage in these areas.

Phoenix itself and suburban metropolitan cities such as Glendale, Mesa, and Peoria are roughly in the middle of the index and are identified as regions with a balanced market between buyers and sellers.

One way to measure this is the number of active lists.

Across the Phoenix metropolitan area, just under 15,000 homes came on the market in July, the highest monthly figure since 2019.

This means that Valley buyers can be more picky as there are more options to choose from at most price points.

Median listing prices have fallen across the state’s four major real estate markets.

Flagstaff, Phoenix, Show Low, and Tucson all saw prices fall in the range of 3% to almost 4.5% monthly.

Not all markets fell between June and July. In Sierra Vista, a community south of Tucson, average monthly prices are up 2.5% over his.

Safford is up almost 2%. Yuma’s real estate market remained essentially unchanged.

One analyst at a large Silicon Valley real estate firm summed up the market in one word: uncertainty.

Interest rates, inflation concerns and even the economic climate of something as far away as the war in Ukraine are influencing people’s decisions to buy or sell a home.

Currently, it looks like the housing cooldown in Phoenix and most of the state will continue.

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