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Phoenix has fourth-largest annual home price decrease in the U.S.

by Emily Marek

The median home price fell 9.2% annually in Phoenix, according to the RE/MAX National Housing Report. That’s one of the largest year-over-year decreases in the country.

In March 2022, the median sales price was $462,745. A year later, that price tag fell to $420,000.

“Though the stats show the year-over-year numbers being down, we expected this based on where mortgage rates were a year ago and last year’s lower inventory, which drove prices higher,” RE/MAX Elite CEO Scott Comey said. “For buyers trying to time the market or waiting for a bubble to burst, the data doesn’t support that, and the slowdown is starting to pick back up.”

The only cities with higher percentages of decrease were Dallas, where prices fell 14.1% year over year, Seattle (-11.4%) and San Francisco (-11.3%). Following Phoenix was Coeur d’Alene, Idaho (-9.1%)

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