The average 30-year fixed mortgage rate dipped to 6.87%.

Realtors entered 9,117 properties into the MLS last month, a 30.1% increase from May 2023, when 7,007 properties were added to the market.

With warm weather heating up much of the United States, many homeowners are craving new summer styles for their living spaces.

For the second month in a row, RETSY agent Lisa Westcott is responsible for the most expensive new listing in Arizona.

The median sales price rose 6% from $490,384 in May 2023 to $520,000 last month, while the average sales price rose 6.1% from $660,809 to $700,867.

Phoenix’s ranking is due mostly to the city’s affordable rental market: residents only need to spend 34.5% of their income on monthly rent expenses.

The S&P CoreLogic Case-Shiller U.S. National Home Price Index has hit a new record for six of the last 12 months, as demand remains strong in the face of tight inventory.

Many of the U.S. neighborhoods with the least expensive property fees are in the Phoenix area, with the lowest fees in the country seen in DC Ranch in Scottsdale.

At the same time, the median price of a new home sold in April declined as well. 

The city saw a 32.7% annual jump in new listings in April, placing it third among the top 50 U.S. markets covered in the latest RE/MAX National Housing Report.

Buyers are finally getting some relief as mortgage rates dip below 7% for the first time in five weeks, according to a Redfin report. 

New-home construction jumped 5.7% month over month after a soft March, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. 

According to a new report from RentCafe, hotels have overtaken offices as the most likely spaces to be converted into new apartments.

Active inventory rose 46.6% in Maricopa County last month, according to the latest Market Update from Phoenix REALTORS®.

Agents from RETSY listed four of the 10 most expensive new listings in Arizona, including a $21.75 million estate in the Silverleaf Upper Canyon in Scottsdale.

Monthly home payments hit new records last month reaching an all-time high of $2,747, an 11% increase from last year.