Yes, the Valley housing market is cooling. Here's what it means for homebuyers

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Posted at 8:42 AM, Aug 11, 2021
and last updated 2021-08-11 12:02:22-04

PHOENIX — While it's not even close to becoming a buyer's market in the Valley, there is light at the end of the tunnel for people trying to purchase a home.

"What we can tell you is that the market has cooled from its crazy insane cry-yourself-to-sleep market — but it doesn't mean it's cold," said Tina Tamboer, senior housing analyst for The Cromford Report.

The housing supply in homes priced between $400,000 and $800,000 has gone up 138% since February, she said.

"But it's still low. We were so low it's not hard to go up 138%," she said. "We have seen an increase in supply and seen price reductions every week."

That portends a glimpse of hope for homebuyers who have not able to win a bid on a home over the past year.

"What it means for a buyer is that you may not see a line around the corner waiting to see a house," Tamboer said.

Read more of this story from the Phoenix Business Journal.