This month’s data continues to suggest that this trend is occurring once again. Price per square foot is down modestly, and the inventory shortage has flattened slightly, both of which should continue to move us toward a more balanced buyer/seller market. This does not mean we are done with our seller’s market yet, just that the data supports we are slowly heading in that direction.
What should we expect for the rest of this year into 2019? Continuing moderation in rising home prices, and slowly rising interest rates, which will continue to squeeze rising home prices (slow, but not stop). For the next 18 months or so, this dynamic should continue to move the Greater Phoenix real estate market toward a more balanced buyer/seller market.