Have you noticed more ‘For Sale’ signs in your neighborhood?

Real estate prices are experiencing a nuanced shift across the U.S., with certain markets witnessing declines while others stabilize. The broader market trends provide context.

The U.S. housing market has cooled from its pandemic-era highs. In states like Florida and Texas, home prices have notably decreased. For instance, Florida's median home price dropped from a peak of $423,000 in April 2024, with some areas experiencing the most significant declines in over a decade. Factors contributing to this downturn include over-development, rising insurance premiums, and increased property taxes.

Similarly, Texas has seen home prices fall by over 10% from their peaks in several regions. An oversupply of housing, coupled with waning demand, has led to price reductions and a cooling rental market .

In Phoenix, the housing market reflects a blend of these national trends. While not experiencing the sharp declines of Florida or Texas, Phoenix has seen a moderation in price growth. Increased inventory has provided buyers with more options, leading to longer listing times and more price negotiations. However, the market remains competitive, and prices have not plummeted, indicating a stabilization rather than a downturn. As a buyer, there is an opportunity to get the house you've been wanting a better price without much competition,

While certain U.S. markets are experiencing price declines due to over-development and economic factors, others like Phoenix are stabilizing. Prospective buyers and sellers should monitor local market conditions closely, as real estate trends can vary significantly by region.

Reach out to me Garrett Sessions with Rising Realty to gain insight to your local market. Text or call 480-429-4052