Phoenix's housing market has cooled due to increased new construction after a post-pandemic shortage. Ranked 42nd out of 52 large U.S. cities, only 15.4% of homes sell above asking price, with a median of 59.2 days on market. Median home price is $450,000, rising 1.6% annually. Other Arizona cities also rank low, with many showing price drops and longer market times, reflecting a broader cooling trend statewide.
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