PHOENIX (3TV/CBS 5) - After seeing low inventory and skyrocketing prices, some Valley realtors said supply and demand is beginning to even out.
"Right now price appreciation is at about 1.1%, so that's slowing down, and that was in June," said Get Your Nest co-founder and realtor, Brandon LaVallee. "Since April, you were basically getting 5.1% appreciation per month."
He said more inventory, fewer offers and more availability for showings point to a market change. "Inventory is up 92% since February, more houses for sale, more possibilities for buyers, it definitely shows the market is leveling out," said LaVallee.
Home buyer Nate Rice said he has been looking for a house for about two months. "It's not the best experience," said Rice. "It's difficult because everything is gone in a weekend, so if you don't pounce really hard, you have to be hyper-focused," said Rice.
LaVallee calls the market change a more even playing field for buyers and sellers. "You can make offers that are more competitive and more balanced on your side so that your not giving the sellers the moon," said LaVallee.
"It's really positive to hear that news, and it makes you kind of want to re-engage," said Rice.
"Prices might not drop, but we will likely see a lot less of these 20, 30, 50 thousand dollars over asking price offers," said LaVallee.