The last several years have been a rollercoaster ride for Arizona homebuyers. In markets throughout the state, prices that had been trending slowly upward for several years suddenly surged when low rates and pandemic relocations to Arizona drove a level of demand that inventory couldn’t meet, according to the Common Sense Institute Arizona.
Prices rose to record levels, peaking in mid-2022. However, the frenzy was short-lived. Home prices plummeted over the next nine months as high mortgage rates and inflation pushed would-be buyers out of the market.
