Home Sale Slowdown! | Phoenix Real Estate Market Update

by Caitlin McKeague

Phoenix is one of the few major metros showing softening home prices while 71% of the country is still seeing prices rise. In this week's market update, I break down what the latest national data means for Phoenix buyers and sellers — and why our local market is actually behaving differently than the headlines suggest.

WHAT'S COVERED IN THIS UPDATE:

Slowest March home sales nationally since 2009
Why Phoenix sales are actually UP year-over-year (against the trend)
The realtor.com map showing Phoenix in the red
Phoenix median sales price: down year-over-year
New construction vs. resale — the gap is widening
Mortgage rates update (currently around 6.44%)
Cromford Market Index: Phoenix at 82.5 (technically a buyer's market)
Which Phoenix cities are still seller's markets (hint: Avondale to Fountain Hills)
Hottest zip codes right now in Chandler, Tempe & North Phoenix