Is metro Phoenix’s housing market slowdown over? Here’s why it could be

The premonition that the Valley’s home sales prices were set to implode as they did during the Great Recession seems to have had as much validity as the local strip mall psychic’s crystal ball. Valley home prices are on the rise again after a brief slowdown since their record high in June 2022. Listings are sinking fast, falling 7% in March to 17,000; sales are up 33% to 7,417; and the median price swelled to $420,000, up from $412,000 the month before. Cities on the fringe of the metro area like Buckeye, Maricopa and Queen Creek are still buyer’s markets, but there’s been a correction since the fear in late 2022 that a crash was imminent. Why? Supply still isn’t meeting demand, even with higher interest rates in place.

Source: https://www.azcentral.com/story/money/real-estate/catherine-reagor/2023/05/07/metro-phoenix-housing-market-slowdown/70180224007/