Phoenix Housing Market

The normalization of the Phoenix housing market continued in April. A modest increase in buying appetite met flattening price and active listing growth to nudge market conditions closer to balance.

About 7,100 homes were sold in the Greater Phoenix area in April 2026, up 2.1% from a year earlier. That increase ranked the Phoenix metro 12th nationwide, as steady population growth helped keep home sales volume growing compared to a year ago.

April sales rose in three consecutive years, cumulatively increasing 12% since April 2023. Nevertheless, homebuying activity was still down 23% from the 2018 and 2019 average, indicating a substantial runway to reach pre-pandemic levels.

Active listings for Phoenix homes fell 8.5% year over year to 25,800 in April 2026. That marked the third consecutive month of declines and ranked Phoenix 39th out of 40 for annual change, trailing only Jacksonville, Florida.

Throughout 2024 and 2025, for-sale inventory steadily rose, coinciding with rising days on market and a flattening of price growth. Recently, however, the declining supply of homes, along with the modest pickup in sales, caused months of supply to fall, reaching 4.5 months in April.

The median sale price of Phoenix-area homes was $450,000 in April 2026, essentially flat compared to the same time in 2025. The Valley underperformed the overall United States, which rose 1.7% year-over-year, ranking 26th for price appreciation among the top 40 markets.

However, Phoenix continued to outpace the major Texas metros, with San Antonio and Austin both notching a 3.2% decrease, the worst in the country.

While improving, affordability for first-time homebuyers remained a headwind in Phoenix, with median home price 56% above December 2019 levels. Though the recent price stabilization allowed household income growth to outpace appreciation for over two years, elevated mortgage rates and hefty down payments continued to present a stiff barrier to homeownership.

The median home sale price in Phoenix was unchanged compared to the same time last year, while the national median price rose by 1.7%.

Phoenix median home prices rose by $100 year over year on a nominal basis in April to $450,000. Meanwhile, the national median home price increased by $6,500 to $390,000.

Phoenix was the 16th highest-priced housing market among the top 40 largest markets last month. The Phoenix median home price of $450,000 was 15.4% above the national median home price. Phoenix's median home price in April compares to the market's peak of $480,000 recorded in May of 2022.

The median price of Phoenix single-family homes rose $9,000 over the past year to $470,000, while the median townhome price declined 4.3%, and the median condo price fell 7.3%.

The number of active listings in Phoenix decreased by 8.5% in April compared to the same time last year, while national active listings rose by 6.3%.

Phoenix active listings fell by 2,383 year over year in April to 25,817 active listings. Phoenix ranked 39th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in April.

Phoenix active listings were below their pre-pandemic levels in the month of April. Phoenix active listings were 3.1% below the April 2019 total of 26,648.

Phoenix single-family active listings decreased by 9.8% to 20,898 in April. In comparison, townhome active listings fell by 2.9% to 3,374, and condo active listings declined by 1.2% to 1,545.

The number of home sales in Phoenix increased by 2.1% in April compared to the same time last year, while national home sales rose by 0.6%.

Phoenix home sales increased by 144 year over year on a nominal basis in April to 7,128. For context, 6,984 sales closed in Phoenix in April 2025.

Phoenix ranked 12th for the annual change in home sales out of the top 40 U.S. markets in April on a percentage basis. This year's April increase of 2.1% compares to the 4.5% year over year increase in April 2025.

Phoenix single-family sales increased by 2.1% in April to 6,099. In comparison, townhome sales rose by 3.3% to 743, and condo sales fell by 2.7% to 286.

For questions and commentary about this report:

Connor Devereux, Senior Director of Market Analytics at CoStar and Homes.com, based in Phoenix, is available for interviews to provide expert insights on this data and the broader residential real estate market.

Connor Devereux

Senior Director of Market Analytics

Homes.com

cdevereux@costar.com

Homes.com releases preliminary figures on housing trends on a monthly basis. Although these numbers may change slightly once all transactions are accounted for, they provide an early indication of home price appreciation, inventory changes, and sales volume in Phoenix during April 2026.

For most markets, geographical coverage consists of the Census-defined Core-Based Statistical Area (CBSA). Data for San Francisco, Los Angeles, Miami, and New York is at the Metropolitan Division level.

Definition of Sale Prices

Median home price is the midpoint sale price of homes closed during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Inventory

Inventory is the number of unique active listings that were for sale during each month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

Definition of Home Sales

The total number of closed home sales on the MLS during the month. This data includes homes that are detached, attached, and condominiums. Detached homes are single-family units. Attached homes are townhomes, rowhouses, and duplexes. The condominium classification includes co-ops.

About the Homes.com Market Analytics Team

The Homes.com Market Analytics group is a team of experienced analysts embedded in nearly 30 markets across North America. These experts reside in and regularly visit the markets they cover, providing local expertise and a national perspective on all sectors of real estate: residential, office, industrial, retail, and multifamily.

About Homes.com Analytics Data

The Homes.com analytic data is compiled by the CoStar Analytics team, the largest and most experienced analytics team in the real estate industry. The team consists of over 50 economists, analysts, and data scientists, who collectively have more than 900 years of real estate experience and over 30 advanced degrees. Analysts on the team live in and around the markets they cover, enabling them to build deep local knowledge and unique insights.

The data set being used by the team is one of the most comprehensive and robust in the industry. It spans all 393 metropolitan markets, 542 micropolitan markets, and over 35,000 local neighborhoods in the U.S. The data set is sourced from almost 500 Multiple Listing Service (MLS) providers around the country, as well as public record data from each market, and is supplemented by proprietary data collected by CoStar's team of over 2,000 researchers. It includes a complete inventory of all homes in the U.S., including homes for sale, homes for rent, new construction homes, as well as sale comps and rent comps.