T
he Arizona real estate market has taken a significant turn, shifting from a seller's to a buyer's market. According to Zillow, the average home value in April dropped 2.6% compared to last year. Realtors are attributing this change to rising inventory and falling prices.

    Historic homes like one in the Ashland Place Historic District, which boasts a colorful design and pool, aren't selling as quickly as they once did. "About a month ago, it really slowed down," said Sherry Rampy, associate broker with Broker's Hub Realty.

    Realtors Meredith Lane and Erin O'Shea agree that the market has shifted, with open houses being emptier and showings quieter than usual. With homes staying on the market longer, prices are starting to cool, but buyers remain hesitant due to high interest rates.

    "I think they're sitting on the sidelines because interest rates are still high," Lane said. "We don't have a crystal ball, so we don't know when that will happen." Despite uncertainty, both Realtors believe this is a temporary blip and see opportunities for buyers in the current market.