PHOENIX — The housing market in metro Phoenix is softening at a time when the spring selling season is usually robust.
"The market is feeling softer and softer, with many properly priced homes sitting unsold and with very few showings," said Greg Hague, CEO of Scottsdale-based 72Sold.
In fact, said Chris Morrison, founding partner at Retsy | Forbes Global Properties, a 10-year high in inventory is creating a market that buyers have been clamoring for — despite the 7% mortgage interest rates hovering over their pocketbooks.
Metro Phoenix showed a 2.74% increase in annual home prices in February, compared with a 4.08% gain nationwide, according to the S&P CoreLogic Case-Shiller Indices released April 29.
