Pending home sales just dropped 3.7% in August.
That ends an eight month winning streak.
And it's the first decline since November.
Mortgage rates climbed from 6.05% in February to 6.67% in August.
Six straight months of increases.
Price cuts are now at 20.4% of all active listings.
That matches last year for the first time in 2026.
Median listing price sits at $424,500, down 1.3% from last year.
Here's what most agents won't tell you.
Buyers react to rate changes immediately.
Sellers take months to adjust their expectations.
That gap creates real opportunities for prepared buyers.
The national numbers tell one story.
Your specific neighborhood tells another.
I track every sale, every listing, every price change in the Phoenix Valley.
DM me directly and I'll show you what's actually moving in your target area right now.
