Contract Cancellations Increase | Phoenix Real Estate Market Update

by Caitlin McKeague

More than 50,000 home purchase contracts fell through in March… so what’s really going on in the housing market—and what does it mean for Phoenix buyers and sellers?

In this week’s Phoenix housing market update, we break down the latest data from Redfin, HousingWire, and local Cromford Market Index insights to uncover what’s actually happening behind the headlines.

Why homebuyers are getting cold feet (and how often deals are falling apart)

What cancellation rates look like specifically in Phoenix

Why inventory is rising—but prices aren’t adjusting (yet)

How many homes are taking price cuts in Phoenix right now

The truth about Arizona’s “price drops” (and what the media isn’t telling you)

How different price ranges (luxury vs entry-level) are performing

What’s happening with mortgage rates this week and why they just jumped

Whether we’re in a buyer’s market or seller’s market right now

Right now, Phoenix is showing signs of a more balanced (and even buyer-friendly) market, but the story isn’t that simple. Inventory, pricing, and demand are all shifting—and if you’re thinking about buying or selling, you need to understand how these changes affect YOU.