PHOENIX — The Valley's housing market is teetering on the verge of a buyer's market. But for now, local economists and real estate agents say the market remains balanced.
Resale home prices have been declining since May, said Steve Hensley, advisory manager for Zonda housing research firm.
"We expect that to continue through the end of the year as we are in a period of price discovery," he said. "From a buyer's perspective, it is certainly less competitive than it was a few months to a year ago, but the run up in mortgage rates have made homes less affordable. Nonetheless, it appears that the market is heading back toward equilibrium, which overall is a good thing."
