As the housing market continues to cool, metro Phoenix leads the nation as the country's top market favoring homebuyers, a new study shows.
Local experts had called Phoenix a buyer's market in October.
Even so, there's still a lack of inventory in homes priced above $3 million, said Robert Joffe, co-founder of Launch Real Estate.
"There are plenty of buyers out there, so anything desirable over $3 million is selling," said Joffe. "A lot of activity in this price range is still cash buyers so the interest rate hike is not affecting the high end market that much."
Homes priced under $3 million are more interest-rate sensitive, he said.
"Arizona continues to be a desirable location, and plenty of companies of all sizes are still choosing to move here — so are lots of families and individuals — which means we continue to have a healthy homebuyer appetite, which is a good thing," Joffe said.