Phoenix Arizona Real Estate Market Update for September 2023

Phoenix Arizona Real Estate Market in September 2023 is still in poor shape however: We have no bubble or crash. Demand is very weak with listings under contract down 16% from this time last year and with the 30-year fixed mortgage rate still north of 7%, qualified buyers are either on the fence or simply priced out. May be forever. In my opinion affordability is a bigger problem than 7% interest rates.