I posted a few days ago about starting to see some changes in the Phoenix housing market. Turns out I wasn’t completely crazy. The linked article says inventory in Phoenix has gone from 3,500 this time last year to 8,800 this year (and I think that’s the highest inventory level in two years). Still a lot further to go, but a decent start to returning to normalcy.

Anecdotally, I’ve also started to see more price cuts which tend to kick in 10 days after going on the market. I don’t have a strong opinion on whether prices will materially decline, but it’s not nearly the 100 offers over asking price environment that it was the past two years.