Housing Forecast 2023: How Phoenix-area real estate agents, analysts think the market will fare - Phoenix Business Journal

The fun and exciting times of a super hot residential real estate market in metro Phoenix ended in 2022.

We caught up with a dozen real estate experts — including analysts, builders and agents — to see what they expect in 2023., principal and senior economist for Elliott D. Pollack & Co., said he expects to see housing prices fall another 10% to 15% in 2023, providing a modest reversal to the Valley's affordability crisis.

, CEO of Scottsdale-based 72Sold."This is likely to be the case in the first quarter of 2023 because January through March is typically when we see the most homes come to market, and this rapid increase in inventory means buyers will have more choices and home sellers may have to sell at slightly lower prices."

"We still have an inventory issue in the luxury market and that will not change for some time," he said."Overall, our current market has become a stable/normal market for both buyers and sellers. Days on market will increase for sellers and pricing will stabilize. This will make it more of an enjoyable experience for homebuyers as they will not need to react so quickly and can take their time when shopping for a home.

"Again, keep in mind new homes also benefited from the unprecedented price appreciation in the range of 40% to 60% over the last two years depending on the location," he said.

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