Phoenix Housing Market Update, June 2018 vs. June 2019. This infographic is the easiest way to demonstrate how the housing market has changed year over year.
This infographic is for all of Maricopa County, which includes over 4.4 million residents. Notice that there are 16,668 active listings as of June 8th, but that's still far below a normal housing market which easily be twice that number.
Clearly this is still a seller's market. Rising prices has forced some buyers out of the market entirely, or they've adjusted their searches to include different property types or fewer upgrades.