The Phoenix housing market is showing balanced conditions with stable prices and moderate inventory levels. Home prices have increased 3.3% in the past month alone. With 3.9 months of supply, Phoenix's inventory levels remain relatively tight. Homes are taking about 50 days to sell, which is 8 days longer than this time last year. A significant 36.6% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 16.6% of homes sold above list price, indicating some competitive segments within the market. With an affordability index of 1.7, Phoenix offers relatively good value compared to other major markets. Looking ahead, the Phoenix market is expected to maintain its current trajectory with relatively stable conditions.