Phoenix Remains Strong, Despite National Trends

 

Greater Phoenix saw single-family closed home sales rise 4.7% in April year over year. Compared to national existing-home sales, which declined 1% year over year, the Metro Phoenix housing market closed sales activity was significantly stronger. Despite the positive closed sales results, weaker pending sales numbers point to potential challenges in the months ahead. While closed sales rose, the number of pending sales dropped 31.5% in April compared to April 2025. Through the first four months of 2026, pending sales were down 5.2% from the same period last year. New listings also declined, falling 12.1% year over year in April and 4.3% year to date. 

The overall inventory of homes for sale rose 2% in April compared to last year, pushing the supply to 4.5 months. Homes are sitting on the market longer, up from 73 to 80 days in the year-over-year comparison. 

The median home price ticked up a little to 1.6% in April compared to last year, but the year-to-date comparison with 2025 is essentially flat, down 0.2% to $484,000. 

The percentage of list price received in closed sales remains at 98%, a statistically insignificant 0.2% decrease compared to the first four months of 2025. 

Although pending sales plummeted in April compared with 2025, the number of closed sales in April is slightly above the 12-month average and considerably greater than the last-decade average. 

The Greater Phoenix housing affordability index held steady at 75, which is the same index average as the last 12 months. The index means that the median household income is 75% of what is needed to purchase the median-priced single-family home. The median sales price, with April’s 1.6% increase over last year, was above the 12-month average, which was completely flat. 

Phoenix 

The City of Phoenix mirrored the overall market, with closed sales up 4.3% in April over the same month last year, and up 2.6% year-to-date compared with 2025. Its pending sales dove 34.5% from last year and down 9.3% in the first four months of 2026. In the city, the average home was on the market for 68 days compared to 80 days in the metro area. The median home price slipped 1.2% to $489,000 for the first four months of 2026 compared to 2025. 

Scottsdale 

The median home price in Scottsdale continues to climb, regardless of price changes in other cities. The $1.28 million median price is up 3.9% year over year. The number of closed sales jumped 8.8% over the same period, while pending sales rose 1.4%. New listings dropped 1.1% in the city. 

Mesa 

Closed sales rose 2.4% in Mesa year over year, while the median home price just about held steady, up 0.4% to $489,000. Pending sales were down 5.9%, and new listings slipped 3.3% in the East Valley city. 

Peoria 

The West Valley city of Peoria has had a good year, with closed sales rising 7.3% year over year. New listings, down 2.7%, and pending sales, down 3.7%, are in line with the market average — the median price for a home moved up 1.7% to $544,000. 

As for the Phoenix Rental Market

he Phoenix rental market is currently renter-friendly, driven by a wave of new apartment construction and an elevated vacancy rate of over 8%. Rents have experienced steady year-over-year declines, offering prospective tenants improved affordability and better negotiation leverage. 

Average Rent Prices

Prices vary based on property type and location, but citywide averages generally fall into the following tiers:

• Studios: ~ ($1,050) / month

• 1-Bedrooms: ~ ($1,300 -$1,450) / month

• 2-Bedrooms: ~ ($1,450 -$1,750) / month

• Single-Family Homes: ~ ($2,200+) / month 

  
  

  Price Drops: Rents across the Phoenix metro area have dropped by about 3% to 8% year-over-year, bucking historical spikes seen earlier in the decade.Supply Surge: New developments are hitting the market, particularly in the multifamily sector, resulting in increased inventory that is actively driving asking prices down.Neighborhood Variation: While overall trends are down, localized rent hikes can still occur in high-demand suburban pockets or newly revitalized areas

Phoenix Market Has had a lot of large transactions take place recently:

Here are some of the higher profile deals:

Cortland Biltmore Luxury Apartments

1. Cortland Biltmore

Sale price: $125,000,000

Address: 12727 E. Camelback Rd., Phoenix

Property description: 253-unit apartment complex

Buyer: Moreno Companies

Seller: Cortland Partners

2. Cubework

Sale price: $104,000,000

Address: 6801 N. Cotton Lane, Glendale

Property description: 915,160-square-foot mega warehouse built in 2022 on 53.89 acres

Buyer: Prologis

Seller: Heitman

Broker: Cushman & Wakefield

3. Mack Innovation Park – lots 4 and 6

Sale price: $41,055,000

Address: Phoenix

Property description: 28.42 acres of industrial land

Buyer: United Integrated Services

Seller: Mack Real Estate Group

Broker: Daum

4. Rise Valley Heights (formerly known as Avenue 8 Apartments)

Sale price: $33,800,000

Address: 1050 W. 8th Ave., Mesa

Property description: 194-unit apartment complex

Buyer: Rise48 Equity

Borrower: Argentic

5. 1675 East Melrose Street

Sale price: $32,250,000

Address: 1675 E. Melrose St., Gilbert

Property description: 49,600-square-foot Class A medical office

Buyer: Montecito Medical Real Estate

Seller: SPHERE Investments (formerly known as Flagler Investments)