Record-low mortgage rates, remote work and the need for more space fueled the pandemic’s housing boom. But now, record-high rates and inflation — coupled with historic-high prices and market volatility — are all forcing a real cool down in America’s largest housing markets, including Metro Phoenix, where Arizona condo prices are falling faster than the prices of single-family homes.

As home prices began to fall, an interesting pattern emerged: Nationwide, condo prices contracted at a much slower rate than single family home prices, showing that the condo market holds up better in the face of the price correction process. However, the exact opposite can be noticed in Arizona where condos recorded bigger price drops compared to single family homes.

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Below you have some of the findings from our study:

• Nationwide, condo prices decreased in 65 of the 100 largest U.S. cities, while single family home prices fell in 88 markets.

• Arizona goes against the grain: In the state’s 7 largest cities, both condo and home prices fell compared to their May peaks, showing that demand and purchasing power took a hit;

• Single family home prices decreased in all of Arizona’s large cities. Chandler and Gilbert lead the way with a decline of -12% in just a few months, followed by Phoenix with a -10% drop;

• Likewise, in Mesa, Scottsdale, Glendale, and Tucson, houses prices contracted between -5% and -8% compared to their spring peaks;

• Condo prices decreased even more in Arizona’s large cities, with Glendale recording the biggest price drop (21%), followed by Mesa (15%) and Chandler (11%).

Check out the full report here: