Phoenix housing market showing signs of cooling off, analyst says

A housing analyst says the Phoenix housing market is cooling down. She's noticing more homes on the market as well as prices dropping.

PHOENIX - Some housing prices in Phoenix are pointing to a shift in the Valley housing market, recently known for its high prices as the population quickly increases.

A housing analyst said a combination of buyer fatigue and more home sellers have led to a higher inventory of homes and that brings higher hopes for buyers.

Tracy Stocklingsky is living at a month-to-month rental in Chandler after making offers on 15 houses and not having any of her offers accepted.

Now, there's a ray of hope for homebuyers, says senior housing analyst for The Cromford Report, Tina Tamboer. She sees the housing market starting to cool in the Phoenix-area.

"It's the difference between 500 degrees and 300 degrees. Many won't notice. That’s what we do," she said.

Tamboer says subtle shifts, like more home sellers dropping their listing prices, specifically in homes over $400K, is what she's starting to notice.

Stocklingsky says she's noticed more housing inventory this week and she’s expanded her search area and isn’t giving up.

At one point during the housing boom in Phoenix, some hopeful home buyers were reportedly paying more than $30,000 over the asking price for their offer to be accepted.