The housing market in Phoenix has seen a notable increase in supply but a drop in demand compared to last year:

1. Active Listings: Up 54% from 2023, with 18,430 homes available (excluding UCB & CCBS).

2. Pending Sales: Down 12.2%, reflecting weaker buyer interest.

3. Sales Prices: The average price per square foot rose 3% year-over-year, with the median home price steady at $440,000, up just 1.1% from last year.

Despite lower mortgage rates since July, buyer demand remains weak. Sellers are facing more competition, with common price cuts and concessions. The market for high-end homes ($5M+) remains strong, but for most sellers, a demand rebound is necessary to invigorate the market.

Potential buyers may be waiting for mortgage rates to drop below 6% before acting. Keep an eye on contract counts, as these will indicate whether demand is recovering.