The housing prices in Phoenix City have not fallen yet due to a combination of factors including strong demand, limited supply, and economic growth in the region.

The primary reasons for the sustained high housing prices in Phoenix City are as follows. Firstly, the city has experienced significant population growth, driven by factors such as favorable weather, low cost of living, and job opportunities. According to the U.S. Census Bureau, Phoenix's population increased by 2.2% between 2020 and 2021, reaching approximately 1.7 million residents. This population growth has created a strong demand for housing, which has helped to keep prices high.

Secondly, the supply of housing in Phoenix City has not kept pace with the growing demand. The city has faced challenges in developing new housing due to regulations, land constraints, and environmental concerns. The National Association of Home Builders reported that the housing inventory in Phoenix decreased by 2.5% in 2021, highlighting the limited supply of available homes.

Furthermore, the economic growth in the region has contributed to the high housing prices. Phoenix has become a hub for technology and innovation, with companies like Amazon and Intel establishing a presence in the area. This has attracted a highly skilled workforce, which in turn has increased the demand for housing. The Bureau of Labor Statistics indicates that the unemployment rate in Phoenix was 3.9% in December 2021, which is lower than the national average.

Data from the Phoenix Association of REALTORS shows that the median sales price for a single-family home in Phoenix was $355,000 in January 2022, a 25.9% increase from the same month in 2021. This significant increase in prices is a clear indication of the strong demand and limited supply in the market.

In conclusion, the housing prices in Phoenix City have not fallen yet due to a combination of strong demand, limited supply, and economic growth. The city's population growth, coupled with the challenges in developing new housing and the presence of major employers, has created a market where prices have remained high.