It’s June 1st, 2024, and although the final numbers are not yet in, we have a fairly clear picture of how the Metro Phoenix housing market is performing. The number of homes sold in May has increased from April, but has decreased compared to this time last year. Both the average sale price and the price per square foot have dropped. More notably, the number of homes under contract has significantly decreased, and the inventory of homes has increased. This has shifted the supply/demand ratio in the Metro Phoenix housing market from neutral to slightly favoring buyers. With mortgage rates rising for the fourth consecutive month, coupled with increasing supply and decreasing prices, now is not an good time to list a home for sale at a price higher than what other homes have recently sold for.