More families are finding homes in 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%. This means that 77% of households with an income equal to the region’s median can afford the median-priced home, according to home sales data from Phoenix REALTORS.
“March until May are normally the best months for selling homes in the metro,” said Sammy Glassman, president of Phoenix REALTORS. “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 number is similar to 2023 and 2024, but down substantially from the peak in 2022.
New listings so far this year are 5.5% less than last year, and pending sales in 2026 are down 17.6% compared to 2025. The number of days a home sat on the market this year increased from 75 to 85 days, up 13.3% in year-over-year data.
The median price of a single-family residence dropped from $490,000 to $480,000, a slight 2% decrease, the first measurable decrease in the last 12 months. The percent of list price received was essentially flat, down 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,” Glassman said. “Although pending sales are down, this year there are more buyer choices heading into spring.”
The number of months’ supply of inventory increased slightly from 4.1 to 4.3 months in year-over-year data.
Looking back over the past 12 months from March 2025 until February 2026, the average number of closed sales is up 4.3% compared to the same 12 months in 2024 and 2025. The 12-month average for new listings climbed 3.2%, and pending sales were up 1.3%.
The year-over-year average sale price over the last 12 months is flat, with both numbers sitting at $480,000. The biggest 12-month year-over-year change was in the inventory of homes for sale, which is up 20.8% over the previous 12 months.
Phoenix
The number of closed sales in Phoenix has been steady so far in 2026, compared to last year. However, new listings and pending sales followed the metro area’s trend of steep year-over-year declines, down 10.6% and 21.8%, respectively. The median price of a single-family residence declined 5% to $475,000, down from $500,000 a year earlier.
Scottsdale
Scottsdale keeps bucking the trend in median home prices, up 3.7% to $1.3 million in 2026 from $1.2 million in 2025. The city showed declines in closed sales (2%), new listings (1.3%) and pending sales (20.9%).
Queen Creek
In the Southeast Valley, Queen Creek showed a slight 1.2% uptick in median home prices to $685,000 compared to last year. Closed sales were down 3.8%, pending sales were down 9.5%, and new listings were down 1.3% in year-over-year numbers.
Peoria
In the Northwest Valley, Peoria saw a 7.9% increase in closed sales year over year, but its new listings were down 3.8% and pending sales were down 12.5% compared to 2025. The median price of single-family homes in the market declined from $550,000 to $535,000, a 2.7% drop.
Goodyear
Over much of the last six months, Goodyear has been one of the most active markets until the first two months of 2026. Year-to-date closed sales are down 11.6% in the Southwest Valley city. New listings and pending sales are also down, 16.6% and 20.3%, respectively. The median price of a single-family home in Goodyear was essentially flat, up 0.2% to $485,000.
Buckeye
Closed sales jumped significantly in Buckeye, up 13.5% for January and February compared to the same two months last year. Pending sales were down 9.9%, and new listings were down 6.9% in year-over-year data. The median price of a home in Buckeye declined 3.6% to $400,000, down from $415,000 for the same period last year.
