Valley real estate agents and homebuilders confirmed that they are seeing signs of the market cooling.
"We are seeing a slowdown of the bidding wars here in the Valley," said Keith Burton, REALTOR for The Rider Elite Team. "In July, we had roughly 11 days' worth of single-family home inventory. As of yesterday, we are up to 23 days of single-family home inventory.
Burton said he is seeing more new construction homes being delivered for new homeowners, adding inventory to the market.
"The mania has quieted a bit for sure," said Don Barrineau, Phoenix division president for Mattamy Homes.
*article courtesy of Phoenix Business Journal