Phoenix’s real estate market is shifting, slightly

By Sami Sparber | Axios

With pending home sales down 6.7% year over year, Phoenix’s real estate market is showing early signs of slowing down. But home prices are still up 21.5% from May 2021.

Driving the news: We keep hearing about a market crash, but so far, local data don’t support that.
Yes, but: Monthly data show early signs of a cooler market, even if it’s slight.

What’s happening: From May 2021 to May 2022, new listings were up about 12% and pending sales were down 6.7%.

  • More buyers are holding off as home ownership becomes too expensive.
  • This comes after mortgage rates surpassed 5% for the first time in 10 years.
  • More sellers are dropping their asking price. There was a 27.4 percentage point increase in price reductions year over year in June, according to Redfin.
  • Meanwhile, there was a 13.2 percentage point decrease in homes sold for over asking, per Redfin.

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