Phoenix Housing Market

By Connor Devereux

Phoenix housing market cools in February amid declining prices, sales, and for-sale inventory

Phoenix had a median sale price of $455,000 in February, which decreased 1.1% from a year earlier. This shift came alongside a 2.8% decrease in home sales and a 3.8% decline in active listings.

Phoenix home prices soften across the market

Phoenix saw its year-over-year decrease in median sale price rank 31st among the top 40 US markets. The decline aligned with a broader softening period following several years of stronger price appreciation, with condos experiencing especially notable weakness.

Phoenix inventory decreases while US supply grows

Phoenix housing inventory decreased 3.8% year over year, moving counter to the United States, where inventory increased. The market remained one of the nation’s largest by active listings, and trends diverged across property types as detached inventory decreased while attached and condo inventory increased.

Phoenix home sales ease but remain elevated nationally

Phoenix home sales decreased 2.8% year over year in February. Despite the decline, Phoenix remained one of the top markets for overall sales activity, and condos again stood out with a more pronounced decrease compared to other property types, signaling softer buyer demand in higher density segments.


A ranked bar chart showing annual percent change in February sale prices across U.S. markets. Phoenix is shown with a negative 1.1% year-over-year change, placing it among markets with mild declines. Several markets show gains above 5%, while others, including Austin, Boston, and Denver, record larger negative changes. The key takeaway is that Phoenix’s price correction is moderate relative to many peers.
Phoenix's 1.1% decline in median home sale price ranks it 31st out of the top 40 markets nationally.


Phoenix Sale Prices

Phoenix home prices fell 1.1% year-over-year in February 2026, reaching $455,000. The national median sale price ticked up 0.2%.

Phoenix median home price trends lower year over year

Phoenix had a median sale price of $455,000 in February, which decreased 1.1% from a year earlier. That pace of growth lags the national pace, which notched a 0.2% annual increase. Despite the divergence, Phoenix home sale prices remained more than 20% above the national level.

Phoenix median price decrease ranks in the lower half of major US markets

Phoenix experienced a 1.1% year-over-year decrease in its median home price, ranking 31st among the top 40 U.S. markets for annual price change. The decline continued a trend of sluggish performance that took hold last summer.

Phoenix home values soften across all property types

Phoenix posted decreases across all property types, as detached prices decreased 0.6%, attached, townhome-style properties decreased 5.8%, and condo prices decreased 14.9% year over year. These shifts showed that higher-density homes experienced the steepest declines.


A summary chart comparing Phoenix and U.S. home price metrics. Phoenix’s median sale price is $455,000, down 1.1% year over year. The U.S. median price is $375,885 with a 0.2% annual increase. Phoenix ranks 16th nationally for price level, 31st for annual percent change, and 32nd for annual dollar change, indicating relative price strength but recent softening.
Phoenix home prices remain well above the U.S. median, but recent annual declines contrast with modest price growth at the national level.


A time-series bar chart of Phoenix sale prices from 2018 through February 2026. Prices rose steadily through 2021, peaked around 2022 near the mid-$400,000 range, declined in 2023, and have since flattened with modest fluctuations. The main takeaway is that the market has entered a stabilization phase following a rapid run-up and correction.
While prices remain well above pre-pandemic levels, recent months show Phoenix home values stabilizing after the volatility of the immediate years following the onset of the pandemic.


An area chart showing Phoenix’s annual percent change in sale prices from 2018 to February 2026. Growth accelerated sharply in 2021 and 2022, turned negative in 2023, and has hovered near zero in recent years, recently slipping into negative territory. The chart highlights the shift from extreme appreciation to subdued, near-flat price movement.
Annual price growth has cooled and recently turned negative, signaling that Phoenix has largely moved past the sharp correction phase and into a period of slower adjustment.


A vertical bar chart showing Phoenix’s year-over-year sale price change in February from 2018 through 2026. Growth peaked at 28.6% in 2022, fell sharply to negative 7.8% in 2023, rebounded in 2024, and eased again to negative 1.1% in the most recent year. The chart shows a clear transition from rapid appreciation to a more balanced market.
Phoenix recorded a 1.1% annual decline in prices in February 2026, only the second time the market has seen a decline in the month of February since at least 2018.


A horizontal bar chart ranking U.S. metro areas by February 2026 sale prices. Phoenix is shown at $455,000, below higher-priced markets such as San Jose, San Francisco, and Los Angeles, but above markets like Dallas–Fort Worth, Atlanta, and Chicago. The chart illustrates Phoenix’s position as a mid-priced large metro relative to national peers.
As of February 2026, Phoenix sits near the middle of major U.S. markets by price, at $455,000. It remains more affordable than coastal metros while still above many Midwest and Southern markets.


A ranked bar chart of February 2026 year-over-year sale price changes across major U.S. markets. Phoenix shows a negative 1.1% change, placing it in the middle of the distribution, with some markets posting strong gains and others experiencing steeper declines.
In February 2026, Phoenix recorded a slight year-over-year decline, lagging markets with ongoing price growth but remaining insulated from the deeper corrections seen in several peer metros.


A dashboard-style graphic showing Phoenix home price indicators by property type. Detached homes have a median sale price of $472,000 with a negative 0.6% annual change. Attached homes are priced at $355,000 with a negative 5.8% annual change. Condos show the largest decline, with a median price of $319,000 and a negative 14.9% annual change. The chart highlights greater price weakness in higher-density housing.
Recent pricing for February 2026 shows detached homes remaining relatively stable, while attached and condo segments continue to post larger year-over-year declines, with condos under the most pressure.


Two bar charts displaying Phoenix sale prices and annual change by property type. Detached homes are priced at $472,000 with a negative 0.6% annual change. Attached homes are priced at $355,000 with a negative 5.8% change. Condos are priced at $319,000 and show the steepest decline at a negative 14.9%. The chart emphasizes weaker performance among higher-density housing types.
Phoenix home price performance diverged by product type in February 2026, with detached homes more resilient than attached and condo properties.


Phoenix Inventory

Phoenix active listings declined 3.8% over the past 12 months, reaching 24,021 in February 2026. Despite the decrease, Phoenix has the fourth-largest active inventory in the country.

Phoenix housing inventory edges lower compared to last year

Phoenix recorded 24,021 active listings in February, which decreased 3.8% from a year earlier. The United States moved in the opposite direction, as active listings increased 14.2% year over year.

Phoenix inventory decrease ranks in the lower tier nationally

Phoenix’s 3.8% year-over-year decrease in active listings ranked 38th among the top 40 US markets. Phoenix remained the fourth‑largest U.S. market for total active listings. Inventory changes in 2026 followed several years of wider fluctuations in supply, including steadily growing inventory throughout 2024 and 2025.

Phoenix supply tightens for detached homes but rises for attached and condos

Phoenix detached active listings decreased 9.4% year over year, while attached listings increased 7.9% and condo listings increased 5.5%. These divergent trends reflected softening supply pressure for higher‑density product types and tightening availability for single‑family homes.


A summary chart comparing Phoenix and U.S. active listing indicators. Phoenix has 24,021 active listings with a negative 3.8% annual change, or a decline of 937 listings. The United States totals 1,193,552 listings with a positive 14.2% annual change, adding 147,977 listings. Phoenix ranks 4th nationally by listing count but ranks lower for recent inventory growth.
Phoenix inventory levels remained elevated compared with national totals in February 2026, though recent year-over-year changes lag broader U.S. growth.


A time-series bar chart showing Phoenix active listings from 2018 through February 2026. Inventory declines through 2021, rises sharply in 2022 and 2023, moderates in 2024, and increases again into 2025 and 2026. The chart shows active listings stabilizing at higher levels than in earlier years.
Phoenix inventory levels have rebounded from earlier lows and remain elevated compared with pre-pandemic levels, despite recent declines.


An area chart showing Phoenix’s annual change in active listings from 2018 through February 2026. Inventory growth turns strongly positive in 2022 and 2023, exceeding 40%, then declines sharply before returning closer to zero in recent years. The chart highlights the transition from rapid expansion to stabilization and a recent trend toward declines.
Phoenix's annual inventory growth has moderated after recent spikes, and recently turned negative, falling 3.8% annually in February 2026.


A vertical bar chart showing Phoenix’s February year-over-year change in active listings from 2018 through 2026. Inventory growth peaks at 46.7% in 2023 and 37.8% in 2025, while recent readings show a negative 3.8% change. Earlier periods include larger declines, such as negative 26.0% and negative 28.4%. The chart illustrates significant swings in listing activity over time.
February inventory trends show sharp volatility over time in Phoenix, with the most recent readings indicating modest year-over-year contraction.


A horizontal bar chart ranking major U.S. metros by active listings in February 2026. Phoenix is shown with 24,021 active listings, ranking behind Houston, Dallas–Fort Worth, and Atlanta, and ahead of markets such as Tampa, Miami, Chicago, and New York. The chart highlights Phoenix as one of the more inventory-rich large markets nationally.
In February 2026, Phoenix ranked among the top U.S. markets for active listings, reflecting elevated for-sale inventory relative to most peers.


A ranked bar chart showing February 2026 year-over-year changes in active listings across U.S. markets. Phoenix records a negative 3.8% annual change, placing it near the bottom of the ranking. Most markets show positive growth, with several posting increases above 20%. The chart highlights Phoenix as an outlier in an otherwise expanding inventory environment.
Phoenix was among the few large metros to post a year-over-year decline in active listings in February 2026, contrasting with widespread inventory growth elsewhere.


A dashboard-style chart showing Phoenix active listings and annual changes by property type in February 2026. Detached homes total 19,616 listings with a negative 9.4% annual change, equal to a decline of 2,034 listings. Attached homes have 2,918 listings with a positive 7.9% change, adding 213 listings. Condos total 1,487 listings with a positive 5.5% change, adding 78 listings. The chart emphasizes divergent inventory movement by housing type.
Inventory trends varied sharply by product type in Phoenix in February 2026, with detached listings declining while attached and condo supply continue to expand.


A split bar chart showing Phoenix active listings by property type and their year-over-year change. Detached homes total 19,616 active listings with a negative 9.4% annual change. Attached homes have 2,918 listings with a positive 7.9% change, while condos total 1,487 listings with a positive 5.5% change. The chart shows declining detached inventory alongside rising attached and condo supply.
Phoenix's active listings remained heavily concentrated in the detached segment in February 2026, while attached and condo inventory is smaller but showing recent growth.


Phoenix Home Sales

Phoenix posted a 2.8% decrease in home sales in February 2026 compared to the same period last year.

Phoenix home sales fell over the past year

Phoenix recorded 5,382 home sales in February, which decreased 2.8% from a year earlier. The U.S. also saw softer activity, as national sales decreased 3.7% year over year.

Phoenix home sales decline ranks mid‑range among major US markets

Phoenix’s 2.8% year-over-year decrease in home sales ranked 14th among the top 40 U.S. markets. Phoenix remained the third‑highest U.S. market for total sales volume. The decline continued a three-year long trend of subdued sales activity.

Phoenix sales fall across all property types, led by condos

Phoenix detached sales decreased 1.6%, attached sales decreased 4.8%, and condo sales decreased 20.4% year over year. This pattern showed that demand weakened most sharply in the condo segment.


A summary chart comparing Phoenix and U.S. home sales indicators in February 2026. Phoenix recorded 5,382 home sales with a negative 2.8% annual change, equal to a decline of 154 sales. The United States recorded 219,017 sales with a negative 3.7% annual change, down 8,464 sales. Phoenix ranks 3rd nationally by sales volume, 14th by percent change, and 25th by absolute change.
Phoenix remained a high-ranking market by sales volume in February, though recent year-over-year changes rank closer to the middle of the pack among the top 40 markets.


A time-series bar chart showing Phoenix home sales from 2018 through February 2026. Sales rise into 2020 and 2021, decline sharply in 2022 and 2023, and then stabilize at lower levels through 2025 and 2026, showing a slight decline. The chart shows reduced but steady transaction activity.
Phoenix home sales remain well-below pre-pandemic levels, declining 2.8% annually in February 2026.


An area chart showing Phoenix’s annual change in home sales from 2018 through February 2026. Growth exceeds 30% in 2021, drops to more than negative 40% in 2023, and then rebounds toward smaller positive and negative changes in recent years. The chart highlights the shift from extreme volatility to moderation.
Phoenix's annual sales growth has cooled substantially, with recent changes hovering closer to zero after large swings earlier in the cycle.


A vertical bar chart showing Phoenix’s February year-over-year change in home sales from 2018 through 2026. Sales growth peaks at 14.0% in 2020 and 8.5% in 2018, then falls sharply to a negative 28.7% in 2023. The most recent year shows a negative 2.8% change. The chart illustrates significant volatility followed by stabilization.
February home sales trends show Phoenix well below earlier peaks, with the most recent year reflecting a modest decline.


A horizontal bar chart ranking major U.S. metros by February 2026 home sales. Phoenix is shown with 5,382 sales, ranking behind Dallas–Fort Worth and Houston, and slightly ahead of Chicago and Atlanta. The chart places Phoenix among the highest-volume housing markets nationally.
Phoenix ranked among the top U.S. markets for home sales in February 2026, reflecting relatively strong transaction volume despite recent softening.


A ranked bar chart showing year-over-year changes in home sales across U.S. markets in February 2026. Phoenix records a negative 2.8% annual change, placing it among markets with moderate declines. A small number of metros posted positive growth above 10%, while several others experienced double-digit decreases. The chart highlights broad sales softness nationwide.
Most U.S. markets recorded year-over-year declines in February sales, with Phoenix positioned near the middle of the distribution.


A dashboard-style chart summarizing Phoenix home sales by property type in February 2026. Detached home sales total 4,684 with a negative 1.6% annual change, equal to a decline of 78 sales. Attached sales total 499 with a negative 4.8% change, down 25 sales. Condo sales total 199 with a negative 20.4% change, down 51 sales. The chart shows broad-based sales contraction.
Sales declines are evident across all property types in Phoenix, with the steepest contraction occurring in the condo segment.


A paired bar chart showing Phoenix home sales by property type and annual change in February 2026. Detached homes recorded 4,684 sales with a negative 1.6% year-over-year change. Attached homes posted 499 sales with a negative 4.8% change. Condo sales totaled 199 and declined by a negative 20.4%. The chart shows declining sales across all property types, led by condos.
Phoenix's recent home sales activity remains concentrated in detached homes, while attached and condo transactions trail significantly and show sharper year-over-year declines.


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 February 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.

Writer
Connor Devereux

Connor Devereux serves as Director of Market Analytics at CoStar and Homes.com, where he delivers insight on commercial and residential real estate trends for Arizona and Reno, Nevada.

Read Full Bio