Phoenix housing market turned down in 2022. What’s ahead in 2023?

December 20, 2022

Metro Phoenix’s red-hot housing market abruptly started slowing in the summer and in most neighborhoods quickly shifted toward buyers for the first time in years. Many potential homebuyers who had been shut out of the market by investors and rapidly rising prices are thrilled. More sellers are dropping prices or offering other concessions, including mortgage rate buydowns.