Phoenix Housing Market

For Phoenix-area homebuyers frustrated by years of a slow and expensive housing market, June brought a small dose of good news. More homes were sold, prices rose only slightly, and buyers gained a bit more room to negotiate. Still, the market remains much slower than it was before the pandemic, meaning a full recovery is likely to take time.

Homebuying picked up in June as steady job and wage growth helped offset modest home price increases. That gave buyers a little more breathing room and helped drive more transactions. Home sales rose 5.7% from a year ago, marking the fourth straight month of annual growth.

Even so, the comeback is happening slowly. Sales were 10% higher than June 2024 levels, but they were still 28% below the average pace recorded between 2015 and 2019. The market remained well below pre-pandemic norms.

The number of homes listed for sale continued to shrink. Phoenix had 23,418 homes on the market in June, down 7.2% from a year earlier. That was the sixth-largest inventory decline among major U.S. housing markets.

This decline contrasted with the national trend. Across the country, housing inventory rose 4.2% over the same period. Listings have been falling throughout 2026, and fewer homeowners appeared willing to put their properties up for sale.

At the same time, buyer activity remained slow by historical standards. That combination helped keep the market from seeing a larger buildup of available homes.

Phoenix-area home prices moved higher in June. The median sale price reached $457,250, up 1.6% from a year earlier.

That growth slightly outpaced the national increase of 1.5%. It also placed Phoenix in the top half of the ranking among the nation's 40 largest housing markets.

Single-family homes drove most of the gains. Prices for that segment rose 1.9% year over year. Meanwhile, condos and townhomes continued to face pressure. Condo prices fell 2.3%, while townhome prices dropped 7.8%.

Lower prices in these segments increased buyer negotiating leverage. Sellers in those segments, however, faced a more challenging market than owners of traditional single-family homes.

The median home sale price in Phoenix increased by 1.6% compared to the same time last year, while the national median price rose by 1.5%.

Phoenix median home prices rose by $7,250 year over year on a nominal basis in June to $457,250. Meanwhile, the national median home price increased by $6,000 to $401,000.

Phoenix was the 16th highest-priced housing market among the top 40 largest markets last month. The Phoenix median home price of $457,250 was 14.0% above the national median home price. Phoenix's median home price in June compares to the market's peak of $480,000 recorded in May of 2022.

The median price of Phoenix single-family homes rose by $9,000 over the past year to $475,000, while the median townhome price declined by 7.8%, and the median condo price fell by 2.3%.

The number of homes for sale in Phoenix decreased by 7.2% in June compared to the same time last year, while national homes for sale rose by 4.2%.

Phoenix homes for sale fell by 1,805 year over year in June to 23,418 homes for sale. Phoenix ranked 35th, on a percentage basis, for the annual change in the number of homes for sale among the top 40 U.S. markets in June.

Phoenix homes for sale were above their pre-pandemic levels in the month of June. Phoenix homes for sale were 1.7% above the June 2019 total of 23,024.

Phoenix single-family homes for sale decreased by 8.9% to 18,811 in June. In comparison, townhomes for sale rose by 0.2% to 1,792, and condos for sale increased by 1.0% to 2,815.

The number of home sales in Phoenix increased by 5.7% in June compared to the same time last year, while national home sales rose by 6.1%.

Phoenix home sales increased by 354 year over year on a nominal basis in June to 6,528. For context, 6,174 sales closed in Phoenix in June 2025.

Phoenix ranked 21st for the annual change in home sales out of the top 40 U.S. markets in June on a percentage basis. This year's June increase of 5.7% compares to the 4.0% year over year increase in June 2025.

Phoenix single-family sales increased by 5.4% in June to 5,660. In comparison, townhome sales rose by 4.2% to 371, and condo sales rose by 11.2% to 497.

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 June 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.