Phoenix, AZ housing market

Nearly a third of all homes for sale in Phoenix have already cut their asking price. That is the story this month. About three thousand nine hundred homes are on the market, and roughly one thousand five hundred new listings came on in the past month, so buyers have plenty to look at and no reason to rush. The typical home here is worth about four hundred seventeen thousand dollars, down roughly 2.5 percent from a year ago. Meanwhile the median asking price sits near four hundred fifty-eight thousand dollars, about forty thousand dollars above what a typical home is actually worth. That gap is exactly why so many sellers end up cutting. Homes are taking about 61 days to go under contract, so an overpriced listing does not just sit, it sits and then drops. If you are thinking about selling, price to today's market from day one. In Phoenix right now, the first price is the one that matters, and aiming high usually means selling lower later.