The Arizona Republic reports that the gap (the Arizona Republic calls it a standoff) between what sellers are asking and what buyers are giving has narrowed.  Sellers in Greater Phoenix have become more realistic with their prices. Often, though, they need to price their home for less then they paid for it a year or two ago, but that is mostly in the outlying areas.  Buyers, too, are more realistic.  There are homes selling in a matter of days or just several weeks, still.  Some get multiple offers. So many buyers looking at those homes can't low ball the sellers.  Many more buyers are putting in more reasonable offers as sellers become more reasonable.  Current median asking price for Greater Phoenix is $307,300 and current median selling price for Greater Phoenix is $257,800.  What is interesting is that asking prices are down but selling prices over last year are up.  Does that sound like a burst bubble.