Right now, some of the best deals in the valley are coming from builders, and there's a plain reason why. Unlike an individual seller, who can simply wait for a better market, builders have finished homes sitting empty, and every month one goes unsold costs them, so they compete for buyers in ways a single homeowner rarely will. For you, that most often means a lower monthly payment, which is the benefit almost every buyer feels first. What it solves beyond that depends on who you are and what's standing between you and the home you want.

The easiest way to understand the East Valley market right now is this: prices are not collapsing, but buyers are not blindly chasing listings either. The market is holding up, but sellers still need to price carefully.

This report looks at homes priced up to $600,000 in Tempe, Mesa, Chandler, Gilbert and Queen Creek. In May, there were 713 closed sales, up almost 14% from last year, which tells us buyers are still active and homes are still selling. This is not a dead market, but it is a more selective one.