November 28, 2023, Inventory of homes for sale
The number of homes for sale in Greater Phoenix. It's evident the count is steadily rising, albeit at a slower pace, yet to plateau. Last year, it declined from early November. We're likely to end 2023 with a supply mirroring January, around 16,000 units.
Demand is tentatively responding to reduced interest rates. The market is in equilibrium—sellers maintain an upper hand in prime spots, while buyers wield influence at the periphery.
Prices remain resilient, likely due to the absence of the pervasive fear seen a year ago. However, this time last year marked an upturn; currently, we await the market's stabilization.
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