Last month, I noted that we were seeing the highest number of homes for sale in the Phoenix market in nearly a decade—yet many buyers remained hesitant. Has anything changed since then?
The short answer is: yes. The number of homes for sale dropped by nearly 3.5%. While that might sound encouraging for sellers, the decline isn’t due to a surge in sales. Instead, many listings simply expired or were cancelled as frustrated sellers left the market. It’s understandable—this summer’s buyers have been unpredictable.
When will demand pick up meaningfully? That’s a longer conversation with several moving parts…