Housing Market Predictions for Phoenix Metro Area-2023

Arizona

2022/12/08

It was predicted that the Phoenix metro housing market would favor buyers in July 2023, shifting from its July 2022 ‘neutral’ position on the index. Now, they’re predicting that year-over-year home price growth will tip negative in 2023 and finish the year at -3%.While the drop in prices seem large, those declines are expected to only partly offset the jump in housing prices that happened after February 2020.