Market Summary for the Beginning of May
The Phoenix housing market continues to show steady demand, but it remains highly segmented by price point, property type, and location. Active listings without a contract are up from last month, but still slightly lower than the same time last year by about 1.1%. When including UCB and CCBS listings, supply is still slightly higher than last year, but only by 0.8%, suggesting that inventory may have passed its seasonal peak.
Demand has held up reasonably well over the past two months. Under-contract counts are up 7.7% from a year ago, which is a positive sign, although they are slightly lower than last month. Monthly sales came in at 7,719, up about 5% from April 2025, with both years having the same number of working days in April.
What we are seeing in the field is a market that is more balanced, but not slow across the board. Certain areas, such as Peoria, are still seeing strong buyer activity, multiple offers, and competition in specific market segments. At the same time, buyers are having more success negotiating repairs, concessions, closing dates, and other terms than they may have had over the past few years.
Demand remains strongest for single-family detached homes, especially in desirable locations and at higher price points. It is weaker in lower price ranges and for apartments, townhomes, and condos. Pricing was noticeably lower in April compared with March, but still slightly higher than a year ago on paper. However, after factoring in inflation, both median prices and price per square foot are effectively lower than last year.
For buyers, this can be a very good time to be in the market. There is still quality inventory available, and buyers may have more room to negotiate on price, repairs, seller concessions, and closing terms.
For sellers, preparation and pricing matter more than ever. Buyers are looking for value, clean presentation, and well-maintained homes. Sellers need to make sure their property is market-ready, priced correctly, and positioned to make the best first impression. In today’s market, the homes that stand out are still getting attention, while overpriced or poorly prepared homes may sit longer.
As we move toward the end of May, supply typically begins to ease, but demand also tends to drift lower. Overall, we expect the market to remain similar to where it is now: sellers still holding an advantage in central, higher-demand, and more expensive locations, while buyers have more control in outer areas and price ranges below $500,000.
