By Catherine Reagor | Arizona Republic
Metro Phoenix’s housing market continues to cool, but don’t expect a repeat of the last crash.
Home sales and prices are dropping as the supply of homes for sale is jumping. It’s also taking longer for properties to sell, and sellers are offering more concessions to buyers.
Housing analysts are calling the market “balanced” after more than a year and a half of an overly hot market. Heady price jumps and corporate buyers paying cash had shut the door on many prospective buyers.
Higher interest rates, record inflation and stock market swings are all behind the slowing.
A cooling in the market was expected because price increases of 3% to 5% a month aren’t sustainable, said housing analyst Tom Ruff with the Arizona Regional Multiple Listing Service’s Information Market.
