The Phoenix housing market is in a stalemate, with the largest year-over-year decline in active inventory but still high inventory levels and longer selling times. May saw 6,941 closed sales, down 3%, and a slight dip in active inventory to 22,436 homes. The median price rose 1.9% to $458,500. Buyers have more choices and negotiating power, while sellers benefit from modest price gains. The market remains balanced with no major shifts expected soon.
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