Supply in Greater Phoenix rose slightly from March to April, but the increase is small and the year-over-year gap is now negligible. Buyers still have options, and showings remain strong—the highest in a year—up about 11% from February, according to Aligned Showings.
Demand is holding steady despite rising mortgage rates (from around 6% to 6.45%) and higher fuel costs. Listings under contract are up 3.6% from last year, and monthly closings totaled 7,719—up 11% year over year, or about 6% per working day. Activity is solid, though the strong March numbers have us watching closely for April.
Luxury homes over $2M are keeping the average price per square foot elevated, while the median sales price—better reflecting the broader market—is essentially flat, down just 1% from last year. Prices are holding up well overall, with luxury segments still appreciating. The lower-end condo market is facing challenges: high HOA fees and reserve requirements are deterring buyers, making renting more attractive.
Overall, the market is steady. Sales are strong, prices are stable, and inventory is balanced, though we’re monitoring conditions daily given March’s unexpectedly strong performance. |
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📊 Market Summary for the Beginning of APRIL 2026 |
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Here are the basics - the ARMLS numbers for April 1, 2026 compared with April 1, 2025 for all areas & types: - Active Listings (excluding UCB & CCBS): 25,571 versus 24,990 last year - up 2.3% - and up 0.3% from 25,502 last month
- Active Listings (including UCB & CCBS): 29,865 versus 28,825 last year - up 3.6% - and up 1.8% compared with 29,341 last month
- Pending Listings: 5,540 versus 5,278 last year - up 5.0% - and up 14% from 4,881 last month
- Under Contract Listings (including Pending, CCBS & UCB): 9,799 versus 9,113 last year - up 7.5% - and up 12% from 8,720 last month
- Monthly Sales: 7,719 versus 6,976 last year - up 11% - and up 31% from 5,875 last month
- Monthly Average Sales Price per Sq. Ft.: $314.14 versus $310.70 last year - up 1.1% - but down 0.5% from $315.64 last month
- Monthly Median Sales Price: $455,000 versus $459,500 last year - down 1.0% - but up 1.1% from $450,000 last month
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The Supply Index and Demand Index together create the Market Index.
A Market Index between 90 and 110 indicates a balanced market. |
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- Contracts in escrow: Up 10.2% from last year, outperforming 2023 and 2024 so far. Cromford® Demand Index shows the market is 13% below normal, improving from 16% last month and 24% last August.
- Mortgage rates: Stabilized below 6.2% since Christmas, recently hitting 5.99%, but have risen to 6.4% due to inflation, affecting payments and purchasing power.
- New listings & inventory: February and March-to-date are down 7%, with overall supply growth slowing—inventory is now 5% above last year, down from 9%.
- Market pressures: Rising gas prices and global events (e.g., the Iran conflict) may temporarily slow activity, creating some uncertainty for buyers.
- Outlook: Buyers waiting for rates to drop may create a surge in new contracts, and potential increased tax refunds could boost April activity.
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- Closings & contracts: Closings are tracking close to last year, with contract activity improving, pointing to stronger numbers over the next 4–6 weeks.
- Condo market: Slight improvement (+1.3% under contract YoY), but still tough—inventory is up 11% and smaller units (<1,100 sq ft) are down nearly 17% since June 2022.
- Single-family demand: Strong but location- and price-specific—West Valley under $400K, Southeast Valley $400K–$500K, and North Valley $600K–$800K are the hottest segments.
- Luxury & outlook: Luxury is surging ($3M+ sales up 26% YTD, strong $10M+ activity), but overall the market is in a slow recovery, requiring patience.
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Ready to explore your options? Whether you’re buying, selling, or just staying informed, understanding these trends is key to making confident real estate decisions. If you have any questions or want to explore your options, let’s connect! |
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7316 E. 6th Ave.
Scottdale, AZ 85251, United States |
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