Median sales price dropped between March and April. There are three factors behind this

1. Higher volumes at the lower end of the market
2. The top end of the market has slowed down
3. A general downward trend in prices due to buyers taking increased control of the market.

Supply continued to climb throughout April but the growth rate is slowing down as we enter May. Supply is now a little higher than normal while demand is far below normal which is causing the abundance of supply.

This is not a healthy combination and market theory expects prices will fall while the condition persists

Although sales volume improved, the number of listings under contract has declined slightly from the beginning of April. In theory, demand should increase as prices decline, but that depends on buyers having confidence that home prices won't get more attractive if they wait a little bit longer.

Temperatures will soon be entering their peak period in Central Arizona and house hunting in the open air will become less comfortable. In almost every year that means the market slows down and prices weaken.