Phoenix AZ Buyers Gain Breathing Room

Phoenix recorded 6.9K closed sales in Mid-Q2, ↓~3% MoM, while new listings ↓~12% to 9.7K, signaling a calmer pace for both sides.
Active inventory reached 22.4K homes, ↓~2% MoM, yet Phoenix still offered ~3-mo supply, giving buyers more room than boom-era conditions locally today.
Homes averaged 71 days on market, nearly steady from Early-Q2, while median price ↑~2% MoM to $458.5K, showing price resilience despite slower decisions.
Phoenix lacks the urgency of recent years, but it is avoiding dramatic swings as buyers negotiate more and sellers retain modest appreciation.
Until inventory tightens or demand accelerates, Phoenix appears positioned for a balanced holding pattern where patience can help buyers and sellers alike.