Housing supply is skyrocketing across Southwest states like Arizona, Nevada, Utah, and Colorado, suggesting that the 2025 housing market is amid a correction in these states.
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This means that homebuyers in these states could have their best opportunity to buy a house in years, with values reported by Zillow now officially dropping on a month-over-month basis. A city like Phoenix is one of the hardest hit areas, with values down 7.4% from their peak in 2022, and homes for sale now at the highest level in a decade.
A market like Denver is also getting hit hard. Inventory in Denver, according to Realtor.com, has spiked to over 2x higher than the long-run average, indicating a huge selloff. Prices in Denver have started to trend down, and could drop by as much 10% over the next 12 month’s according to Reventure’s forecast.