I wonder about homes in Phoenix and if prices will come down on existing purchased homes?
My husband and I are looking to buy there around November/December and looking at the market now, it's scary. We can't afford much, at least nothing close to what we want (4 bed/2 bath/2000 sq ft).
I live in Phoenix, and inventory of existing homes on the market has increased, but prices are NOT dropping. They are still rising, although at a slower pace.
I have no crystal ball, but I do not think prices will fall here for this reason: Prices in our nearby "competing home markets", Southern California and Las Vegas. SoCal prices are "completely out of sight" compared to here, and many of our buyers have been for years and continue to be, SoCal buyers, flush with cash from their home sale there.
And Las Vegas had it's home price run-up a few years ago, and is still priced way higher than Phoenix. Bottom line: don't expect home prices to fall here. They will continue to rise.
In my neighborhood, a desirable area of homes from 1800 to 4000+ sf, when the oldest homes sell (circa 1979), often they are gutted and completely remodeled immediately, before they are occupied.