Two years of median home price growth in the Arizona Regional MLS ended in June when the median sold price dipped to $500,000 compared to $510,000 in May. It’s the largest month-over-month drop in the ARMLS Total Sales Report data, which goes back to January 2018.

Median pricing on detached single-family homes had grown consistently, by roughly $5,000 to $15,000 per month since May 2020 when it was $311,000.

The only blips on that steady increase were in August last year, when the median price dropped by $100 month over month, and from October to November 2020 when pricing was flat. 

Even as inventory improved and interest rates increased, median pricing in the ARMLS footprint grew consistently in the first five months of 2022, peaking at $510,000 in May from $464,710 in January. 

Despite the $10,000 drop, June’s $500,000 median home price is an increase of 17.6% from the same month in 2021, when the median was $425,000.

Median Arizona Regional MLS single-family sold home price by month:

May 2020 — $311,000

June — $325,000

July — $335,000

August — $344,500

September — $348,000

October — $350,000

November — $350,000

December — $355,000

January 2021 — $364,000

February — $375,000

March — $385,000

April — $400,000

May — $415,000

June — $425,000

July — $430,000

August — $429,900

September — $435,000

October — $440,000

November — $450,000

December — $452,000

January 2022 — $464,710

February — $475,000

March — $487,500

April — $499,000

May — $510,000

June — $500,000