Phoenix Home Sales Plunge 40% Amid Fears of Bursting Housing Bubble
-
Annual home sales in Phoenix dropped 40% from 2021 to 2023, sparking recession warnings.
-
Higher mortgage rates caused housing demand to plummet and prices to fall nationwide in 2022-2023.
-
Some analysts say Phoenix home sales data shows a housing bubble on the verge of bursting.
-
Other analysts disagree, citing national data showing smaller declines and record high median home prices.
-
Builders lowered prices in 2023 to boost affordability, selling more homes compared to 2022.