Greater Phoenix single-family home sales posted a year-over-year increase in each of the last 12 months, with May closings rising 4.6% from May 2025, and year-to-date closings up 4.7%, according to the latest data from Phoenix REALTORS®. Nationally, existing home sales edged up 0.2% from the previous month and were unchanged year over year. Year-to-date pending sales and new listings showed more modest declines, with pending sales down 2.1% and new listings down 4.7%.
“Many were expecting May to be a challenging month after April’s numbers and with the continuing economic uncertainty,” said Sammy Glassman, board president of Phoenix REALTORS. “Instead, closed sales continued to show year-over-year growth. Pending sales and new listings are still down so far this year, the declines are slight, and the market is holding steady from a year-to-date perspective.”
The year-to-date median sales price of a home in the metro area held steady at $485,000, but the days on the market edged up from 72 to 79 days, a 9.7% increase. The housing affordability index rose to 73 from 71, meaning more median-income households can afford median-priced homes.
With the reduction in new listings over the past couple of months, the inventory supply slipped from 4.5 months in May 2025 to 4.3 months in May 2026.
Maricopa County drives the market
Greater Phoenix data now encompasses residential real estate activity in Maricopa, Pinal, Gila and Cochise counties. When drilling down to the Valley’s activity, there are some differences.
“Even with incentives on the table, we did see a minuscule price slip in Maricopa County,” said Glassman. “Because Maricopa County accounts for much of the region’s real estate activity, its trends closely mirror the broader four-county Phoenix REALTORS data.”
Maricopa County single-family median sales prices through the end of May dipped 1% to $510,000, compared to 2025’s $515,000. Closed sales to date increased 4.5% as pending sales slipped 2.2%. Days on the market increased to 75. New listings declined 5.2%.
“When looking at the data each month, trends are the best way to get a pulse on market conditions,” said Glassman. “However, some of the May numbers stand out when looking specifically at the broader Greater Phoenix single-family market.”
Across the broader Greater Phoenix region, May is a real estate transition month from the spring peak into the summer season. Single-family closed sales reached 6,182 in May, up 4.6% from May 2025, making it the third-highest month of the last 12. Pending sales, however, fell 29% year-over-year to 3,865, well below the 12-month average of 5,091.
New listings totaled 7,054 in May, down 12.6% from May 2025, but close to the 12-month average of 7,258. On a monthly basis, days on the market fell to 73, the lowest level since June 2025 and below the 12-month average of 78.
The median sales price in May was $485,000, down from February 2026’s peak of over $487,000, but above the 12-month average of $480,000. The inventory of homes for sale reached 21,816 in May, the highest of the last 12 months, even though it was down 1.8% from last May. This pushed the month’s supply of inventory to 4.3 months, the highest since June 2025’s 4.3-month inventory.
Phoenix
In Phoenix, May single-family closed sales dipped slightly, even though year-to-date sales remained up 1.9%. The median home price was essentially flat at $490,000. Pending sales were down 5.4%, and new listings declined 6.6% in year-to-date comparisons. Days on the market were steady, rising to 65 from 63 in 2025.
Scottsdale
Scottsdale continues to post rising year-to-date median sales prices, with a 2.1% increase thus far in 2026 to $1.27 million from $1.24 million last year. Closed sales shot up 10.3% through May, and pending sales increased 6.1% in year-to-date comparisons. New listings declined 3% for the same months comparison. Days on the market increased to 82 from 76 last year.
Chandler
The East Valley city returned a strong showing, with closed sales up 6.0% over the same five months last year. Pending sales held steady with a 0.2% increase, but new listings dropped 8.7% in year-to-date data. The median home price was down slightly, 1.1% to $555,000. Days on the market, one of the shortest in the Valley, increased from 56 last year to 61 days in 2026.
Buckeye
The median sales price on a single-family home in Buckeye dropped 2.9% to $400,000 for the first five months of 2026 compared to 2025. Pending sales increased 3.7%, and new listings were essentially flat, down 0.1% year to date. The number of days homes sat on the market increased from 81 to 86.
Surprise
Median sales prices in Surprise held firm at $435,000, the same as 2025, while the number of days on the market jumped from 79 to 89 days in 2026. Closed sales boomed, up 16.1% over the first five months of 2025, and pending deals followed, up 6.8% for the period. New listings dropped 4.8%.
