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Phoenix housing market faces "mass sell-off" as home values plunge

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A sell-off is underway in Phoenix, real estate analyst Nick Gerli has said, as new inventory flooding the market finds no buyers.
The Phoenix housing market is experiencing a significant downturn, with home values dropping by 10% since their peak in May 2022, and a further 7% decline expected by the end of 2023, according to real estate data firm ATTOM. This decline is attributed to a mass sell-off of properties, driven by investors who had previously capitalized on the city's booming market. The situation is exacerbated by rising interest rates and a shift in market dynamics, leading to a surplus of homes and reduced buyer demand. As a result, many homeowners are facing negative equity, and the once-hot market is cooling rapidly, with potential implications for the broader U.S. housing market.

Read the Full Newsweek Article at:
[ https://www.newsweek.com/phoenix-housing-market-faces-mass-sell-off-home-values-plunge-2066539 ]