Phoenix Homebuyers Benefit as Prices Become More Affordable

The U.S. labor market weakened in July with a 23,000 decrease in nonfarm payrolls and unemployment steady at 4.1%. Job openings and hires declined in Arizona and nationally. Q2 2026 GDP grew 1.5%, driven by consumer spending and business investment, despite higher imports and lower government spending. Phoenix home prices fell 1.3% annually, while building permits rose modestly. The U.S. trade deficit narrowed to $73.3 billion in June.