However, Phoenix REALTORS® President Sammy Glassman says those numbers shouldn’t deter sellers from listing.

At the same time, the median-sales price rose again, as months’ supply of homes for sale hit a 10-year high. 

The increase in purchase activity offset a decrease in refinancings. 

The priciest new listing in Arizona is still a work in progress: The $20 million estate, currently being built by BedBrock Developers, is set for completion in 2028.

The pace of home-price growth rose nationally but with significant regional differences.

Buyers are reportedly looking for homes that reflect how they actually live, not how they could be living.

Nationally, home sales in the 46 metro areas surveyed by REMAX rose 2.5% year over year and slipped 5.7% month over month. 

Active buyers are looking for more expensive homes, while price-constrained buyers are looking at fewer homes altogether.

Of the 50 metro areas surveyed by NAR, several stood out for year-over-year gains in contract signings. 

The move was an improvement over July, but sentiment still remained in negative territory. 

The two most expensive homes sold in Arizona last month are located on the same street in Paradise Valley.

“The market is still moving, just at a more measured pace,” said Phoenix REALTORS® President Sammy Glassman.

Three years after the opening of a large center, ZIP codes retained 66% of their pre-opening active listings, compared to 43% in similar areas without a data center.

Looking ahead, Cotality expects the median price of a home to increase 1.5% through June 2027. 

With strong sales in four Phoenix-area communities, the metro accounted for 6% of all sales in RCLCO’s Top 50.

July’s roundup of the most expensive new listings in Arizona contain treasures like an underground shooting range, a 26-car collector’s garage and a glass elevator.