For the second month in a row, Phoenix now sits at No. 4 on the Case-Shiller index, showing a 26.6% year-over-year- increase in home price growth in June.
Tampa, Miami and Dallas reported the highest year-over-year gains with 35%, 33% and 28.2% price gains, respectively., principal and senior economist for Scottsdale-based Elliott D. Pollack & Co., said Phoenix is trending toward a buyer's market with recent price declines and increased inventory to choose from.
"Prices are still high, but because demand has cooled substantially, sellers are adjusting prices downward," Court said. Meanwhile, mortgage rates have been trending upward again and pushing closer to 6% than 5%, where it was hovering at the beginning of August — negating home price declines, he said.
"We're certainly teetering on a buyer's market, but I do believe it's a balanced market," said the luxury real estate agent."If the stock market does take a beating, then we could see a real downturn. But I don't anticipate that. I still feel we're in a balanced market.
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