Purchase applications slowed to their lowest level since May as economic worries dampened activity, the Mortgage Bankers Association said. 

According to a recent report by GoBankingRates, Paradise Valley ranked among the nation’s top suburbs based on median household income, home values and other economic indicators.

Given the rate of sales, the county had a 4.3-month inventory in June, up 38.7% year over year.

A $25 million estate in Scottsdale was the most expensive home sold in Arizona last month.

Scottsdale and Paradise Valley homes make up all of the 10 most expensive new listings in Arizona.

May’s 1.8% monthly gain follows a 6.3% drop in April, the National Association of REALTORS® said. 

The pace of home-price appreciation slowed to its most modest pace since 2023, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. 

The median-sales price for an existing home rose 1.3% year over year to $422,800. 

Nationally, home sales slid 3.5% year over year but rose 8.6% month over month, RE/MAX said. 

Buyers were willing to pay $1,597 more for a home with an olive-green kitchen, and navy-blue bedrooms boosted a home’s value by $1,815.

Homebuilder sentiment recently reached its third-lowest level since 2012. 

Last month’s priciest Arizona home sale was a $30 million estate with 15 bedrooms and 16 bathrooms.

The Mortgage Bankers Association said the post-Memorial Day increase came despite economic uncertainty and largely static interest rates. 

Despite a 3% year-over-year decrease in new listings, active listings increased 49.7% annually. That means prospective homebuyers had almost 6,000 more homes to browse than buyers a year ago.

T3 Sixty said the difference between real estate agents who subscribe to MLSs but are not Realtors and Realtor-subscribers hit 25%, the highest on record. 

In addition to its low crime rates and high median salary, Gilbert is the city with the highest percentage of families with young children and has the fourth-lowest divorce rate in the country.