I may look into buying a house soon. Is the market/ economy (prices of houses) about to go down?

I agree that it is a moving target. The Phoenix market has been a good investment area, but inventory is shrinking, average sales price is increasing.

Greater Phoenix Area Real Estate Snapshot
December 2019 Compared to November 2019 Compared to 2018
12,259 Active Listings 13,765 19,321
59 Day Average on the Market 57 70
5,643 New Inventory 7,635 10,884
7,784 Number of Closings 7,117 5,475
$362,723 Average Sales Price $357,825 $327,602
1.57 Month Supply of Inventory 1.93 3.53

Every market is different, and a lot will depend upon where you want to buy. Generally speaking, prices will continue to rise over much of the country. Interest rates are still very low, while rental rates continue to increase. (Leasing is a terrible waste of BAH!) Feel free to reach out for a conversation. I'm licensed only in Texas, however, can certainly share some helpful guidance - especially if you're about to be a first-time homeowner. "Gimme a holler" I'm happy to help!

LCpl Whitney, it depends upon many factors, locations, size of the home, what your able to afford etc., so try and think of the above factors, and I'm sure you'll come up with your own solution at a reasonable price for you :-).