Phoenix
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Phoenix's hot housing market is cooling — not crashing.
Why it matters: When home prices started to fall this summer, many in the Valley were reminded of the 2008 housing crash that left more than two-thirds of metro Phoenix homeowners underwater on their mortgages.
State of play: The median home sale price fell by $5,000 in June and $20,000 in July after rising by an average of almost $9,000 per month since January 2021.
Yes, but: July's median sale price was still $440,000 —$45,000 more than it was a year ago.
Flashback: Jamison Lunnen, vice president of real estate operations at Homie, said the 2008 crash was a combination of bad lending practices and negative equity — neither of which is an issue today.
The upside: Our market shift may pay off for buyers who have been patiently waiting out the insanity of the past two years.
Buy here: Local broker Rebecca Hidalgo Rains said there are actually several cities in the Valley that are officially a "buyer's market," according to the August Cromford Market Index, which measures the balance of supply and demand.
The caveat: Of course, a buyer's market only benefits people who can afford to buy. And many middle-income workers have been priced out of the market in the past two years.
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