Half of Phoenix homes now see price cuts

"The PhoenixMesaGlendale metro housing market presents a striking paradox: while 48.99% of active listings have reduced prices, the median list price holds firm at $522,000, sitting 20% above the national median of $435,000. This pricing dynamic signals a market recalibration where sellers are adjusting expectations despite maintaining relatively high price points. The Arizona metro recorded 16,811 active single-family homes as of Oct. 31, 2025, with 1,158 new listings entering the market during the week."

"Meanwhile, 1,418 homes were absorbed, indicating steady buyer activity despite the widespread price reductions. The market maintains neutral conditions with 2.8 months of supply, slightly below the national average of 2.9 months. Phoenix sellers are moving quickly to adjust pricing strategies. Nearly half of all active listings have taken price cuts, while only 3.07% increased prices during the week. The relisted rate sits at 3.84%, suggesting most sellers are opting for price adjustments rather than pulling listings entirely."

"Homes in the metro spend a median of 63 days on market, moving faster than both the state median of 70 days and the national median of 77 days. This quicker pace persists while the rate of price reductions increases, indicating continued buyer interest at adjusted price points. At $522,000, Phoenix's median list price exceeds Arizona's statewide median of $499,000 by 4.6%."

Phoenix-Mesa-Glendale metro reports 16,811 active single-family homes with 1,158 new listings and 1,418 homes absorbed during the week ending Oct. 31, 2025. Forty-eight-point-nine-nine percent of active listings have reduced prices, while only 3.07% increased prices and the relisted rate is 3.84%. The median list price is $522,000, 20% above the national median and 4.6% above Arizona's statewide median. Months of supply measure 2.8, slightly below the national 2.9, producing neutral market conditions. Median days on market are 63, faster than Arizona's 70 and the national 77. Price per square foot is $264.86, exceeding state and national levels.

Read at www.housingwire.com