Homebuyers are now in the driver's seat in metro Phoenix.
The median sale price of homes in metro Phoenix declined 0.2% year-over-year to $451,100 in June, according to the latest data from CoStar Group/Homes.com, entrenching a trend where Valley home prices have moved mostly sideways or modestly lower through 2025 after seeing solid price gains a year earlier.
And that indicates the Valley market may be at or near an inflection point, said Connor Devereux, director of market analytics at CoStar/Homes.com.
"Persistently elevated mortgage rates, affordability challenges, and economic uncertainty have pressured buy-side demand," Devereux said. "Meanwhile, a steep pickup in for-sale inventory over the past two years has increased the supply of available homes, giving potential Phoenix homebuyers more options and negotiating power."
