Staff Reports | Dwellings & Multifamily
More families are finding homes within their price range as the Greater Phoenix housing affordability index increased from 71 to 77 in February and the number of homes in inventory rose 8.3%.
That increase means 77% of households earning the region’s median income can afford the median‑priced home, reflecting recent changes in affordability and inventory levels, according to a press release from Phoenix REALTORS®.
“March until May are normally the best months for selling homes in the metro,” Sammy Glassman, president of Phoenix REALTORS®, said. “We did see a slight 1% increase in closed sales during February, while nationally, residential home sales declined 4.4%. However, other numbers so far this year are not so positive.”
February’s closed sales total is consistent with 2023 and 2024 but remains well below the market’s peak in 2022.
New listings year to date are down 5.5% compared to last year, while pending sales in 2026 are down 17.6% from 2025. The average number of days a home remained on the market increased from 75 to 85 days, a 13.3% year‑over‑year increase.
The median price of a single‑family residence declined 2% to $480,000, down from $490,000, marking the first measurable decrease in the past 12 months. The percentage of list price received remained essentially flat, dipping 0.3% from 2025.
“It’s hard to know what to expect in real estate sales with everything that’s going on in the world today,” Mr. Glassman said. “Although pending sales are down, this year there are more buyer choices heading into spring.”
The number of months’ supply of inventory rose slightly year over year, increasing from 4.1 months to 4.3 months.
Looking at the 12‑month period from March 2025 through February 2026, the average number of closed sales increased 4.3% compared to the same period in 2024 and 2025. New listings rose 3.2%, while pending sales increased 1.3%.
The average sale price over the 12‑month period remained flat at $480,000. Inventory showed the largest year‑over‑year change, increasing 20.8% compared to the previous 12 months.
Phoenix
Closed sales in Phoenix have remained steady so far in 2026 compared to last year. New listings and pending sales declined 10.6% and 21.8%, respectively. The median price of a single‑family residence fell 5% to $475,000, down from $500,000 a year earlier.
Scottsdale
Scottsdale continued to diverge from broader pricing trends, with the median home price increasing 3.7% to $1.3 million in 2026 from $1.2 million in 2025. Closed sales declined 2%, new listings fell 1.3%, and pending sales dropped 20.9%.
Queen Creek
In the Southeast Valley, Queen Creek recorded a 1.2% increase in median home prices to $685,000. Closed sales declined 3.8%, pending sales fell 9.5%, and new listings were down 1.3% year over year.
Peoria
In the Northwest Valley, Peoria saw a 7.9% increase in closed sales compared to last year. New listings declined 3.8%, and pending sales dropped 12.5%. The median single‑family home price fell 2.7% to $535,000, down from $550,000.
Goodyear
After strong activity over much of the past six months, Goodyear saw year‑to‑date closed sales decline 11.6% during the first two months of 2026. New listings fell 16.6%, and pending sales declined 20.3%. The median single‑family home price showed little change, inching up 0.2% to $485,000.
Buckeye
Buckeye experienced a 13.5% increase in closed sales for January and February compared with the same period last year. Pending sales declined 9.9%, and new listings dropped 6.9%. The median home price fell 3.6% to $400,000, down from $415,000 a year earlier.
