Housing markets are dynamic; they are always changing. The Phoenix housing market, for example, is seeing some cooling. Demand in the under $300,000 price range is starting to slow down. There has been an increase in price reductions; one measure of market activity and trend. Also, there has been an increase in the number of listings. Historically, October and January have been the months seeing more listings come on the market.
According to the Housing Price Trends analysis, the rate of price increase has been slowing since 3Q2013 where it peaked just under 18% annual inflation-adjusted appreciation. When the rate of price appreciation begins to slow down, it is time to pay attention to that market if you have real estate investment in that area.