Biltmore high-priced home

Well, that's a wrap on the frenzied seller's market in the Phoenix metro area; at least for the short term. 

Desiree' Cosby, a local real estate agent with Berkshire Hathaway Homeservices Arizona Properties, said inventory has been rapidly climbing from 4,300 available homes in April to just over 17,000 homes today. 

"Rising interest rates and softening buyer demand is propelling us towards more of a balanced market, which is giving buyers more options," she said.

As the year progresses Cosby anticipates we will continue toward a balanced market. 
"Buyers will have more homes to choose from and will be able to take more time when making purchasing decisions," she said. "Sellers will begin to adjust their expectations regarding pricing and time on the market."

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