The Phoenix housing market is showing balanced conditions with stable prices and moderate inventory levels. The median home price in Phoenix currently stands at $484,000. With 3.7 months of supply, Phoenix's inventory levels remain relatively tight. Homes are taking about 50 days to sell, which is 5 days longer than this time last year. A significant 38.0% of listings experienced price reductions, indicating sellers may be adjusting to market realities. Approximately 16.5% of homes sold above list price, indicating some competitive segments within the market. With an affordability index of 2.3, Phoenix offers relatively good value compared to other major markets. Based on current market indicators, home prices in Phoenix are projected to decrease by approximately 23.7% over the next month.