Phoenix is among luxury markets that have given back the most pandemic-era gains, showing how quickly boom conditions have unwound locally today.
The market’s recent position is measured by how much pandemic appreciation remains intact, rather than by one headline price change alone in Phoenix.
The pandemic compressed luxury price growth into a 24-mo period, and Phoenix now stands among markets giving back the most gains today.
As low mortgage rates and remote work faded as pandemic drivers, Phoenix’s luxury reset shows why local demand fundamentals matter more now.
The practical lens for Phoenix is simple: focus on how much pandemic appreciation remains intact before judging luxury market strength right now.
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