Home values in the Phoenix metro slipped 1.5% from July to August, and 43.1% of homes in the Valley saw a price cut during that time, according to the latest market report from Zillow (Nasdaq: Z).
That’s in keeping with the trend of declining home values over the past few months. This time around, however, the drop was smaller than July’s 2.8%.
Still, the Valley’s home values slid more than the national average that saw value fall 0.3%. That has been the case ever since the housing market started cooling earlier this year amid fluctuating mortgage interest rates and inflation across the board. Those factors are making affordability the main driver of the market, according to Zillow.
