Sales of existing homes in the Phoenix Metropolitan Area increased in the 2nd quarter over 1Q23 even as the housing market continues to undergo an adjustment due to rising interest rates. Home sale prices trended upward in 2023 following monthly declines during the second half of 2022. According to national and local housing market economists, this increase in prices is largely due to the imbalance between the supply of homes and demand. Learn more in The Market which provides a closer look at the Mid-Year 2023 key statistics for Phoenix, Scottsdale, Paradise Valley and neighboring cities.
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