Phoenix's real estate market is finally calmer, but it's not cheaper – Axios

Photo: Jeremy Duda/Axios
Signs of a cooling market persist in the Valley, according to the latest ARMLS data from Phoenix Realtors.
Why it matters: After two-plus years of plummeting inventory and sky-high home prices, Phoenix buyers have waited a long time for a little relief.
Yes, but: Rising borrowing costs are squeezing homebuyer budgets and causing home sales to slow, per a recent Phoenix Realtors analysis.
What’s happening: "We're returning to a more normal, stable market with more even supply and demand," said Andrea Crouch, president of Phoenix Realtors.
Of note: In 2020, Phoenix households had to earn at least $41,855 annually to spend 30% of their monthly earnings on a typical home mortgage payment, Zillow found.
By the numbers: Inventory jumped 136.7% compared to this time last year, per Phoenix Realtors’ market activity report for the week ending Sept. 24.
Sellers aren’t getting 100% of their asking price anymore. On average, homes sold for 98.1% of the list price in August 2022.
Homes are sitting on the market longer, too. In August 2022, homes sold in 41 days on average, compared to 28 days in August 2021.
What’s next: The housing market is correcting — not crashing, Crouch said.
Go deeper: Experts tell Axios Phoenix the cooling market is not cause for concern.
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