Greater Phoenix’s residential home sales in June boasted a 3% increase in closed sales, a 12% jump in listings and just a 3% drop in pending sales, according to the latest year-to-date single-family market data from Phoenix REALTORS.
“While June numbers were better than expected, it’s important not to get ahead of ourselves by thinking the market is bouncing back,” said Christy Walker, president of Phoenix REALTORS. “The chief economist for the National Association of Realtors predicts that cautionary times are coming.”
Lawrence Yun, chief economist for NAR, reported to the membership at the June 3 mid-year meeting in Washington, D.C., that nationally, the gross domestic product is down significantly from an expected 2.1% to a projected 1.7%.
For the first time in over 18 months, the median sales price of a single-family home in the Greater Phoenix market remains unchanged at $480,000. This fits with national trends, although nationally, the median sales price has declined over the past three months.
“2025 is expected to be better than 2024, but only marginally so,” Walker said. “We can look at year-over-year data, but it doesn’t necessarily support being called a trend because 2024 was the weakest market in recent history.”
Greater Phoenix experienced a significantly better month than the residential real estate market nationwide. Nationally, sales were up less than 1% in year-to-date comparisons with 2024. New listings decreased by almost 3% and pending sales dropped by nearly 30%. The 30-year mortgage rate is hovering around 7%. It’s expected to drop slightly in the second half of 2025 and a little more in 2026.
Walker said that she’d classify the market as “cautiously optimistic for the second half of 2025.”
In Phoenix, closed sales were up slightly with a complementing 10.8% increase in new listings. The number of closed sales dipped 5.5%. The median price for a single-family home in the city showed a negligible dip, down 0.2% to $489,000 from $490,000 last year. While most median prices in Greater Phoenix remained steady, the median Scottsdale home price increased by 7% to $1.23 million, up from $1.15 million the previous year. Listings increased by 8%, closed sales rose by 5.4% and pending sales decreased by 6.1%.
The Southwest Valley city of Goodyear is the market leader in percent changes from 2024. New listings were up 26.6%, pending sales climbed 30.1% and closed sales showed market-topping growth of 34.9%. The median sales price declined slightly by 1.7% to nearly $477,000. Peoria saw a 17.4% increase in new listings. Sales closed rose by 6.1%, indicating increased activity in the Northwest Valley, which is attributed to the jobs created by semiconductor-related facilities in the area. Pending sales and median home price were both flat, growing at 0.7%. The median home price checked in at $539,000.
While Mesa listings increased by 4.9%, both pending and closed sales declined: 10.3% for pending and 3.1% for closed deals. The median price of a single-family home remained constant at $489,000. New listings in Chandler increased by 18% but pending sales declined by 17% compared to the same period in 2024. Closed sales increased slightly by 1.3%. The median price of a single-family home in Chandler rose 0.9% to $550,000.
In the Southeast Valley, Queen Creek experienced increases in listings (9.5%) and closed sales (5.6%), while pending sales were down slightly compared to last year. The median price for a single-family home in Queen Creek moved up 2.2% to $665,000 from $650,000 last year. Single-family home sales in Gilbert were up slightly, by 1.2%, and new listings increased by 19%. Pending sales were down 3.5%. The median price of a Gilbert home remained steady at $600,000, unchanged from last year.
