The pace of home-price appreciation declined to its weakest pace in 10 years, according to the S&P Cotality Case-Shiller U.S. National Home Price Index. 

Two of the most expensive new listings in Arizona were listed by Katrina Barrett, an agent with Walt Danley Local Luxury Christie’s International Real Estate.

Searches for “fixer-upper” on Realtor.com in July 2025 have more than tripled in volume compared to four years ago.

The pace of new-home sales hit an annual rate of 800,000, its highest level since January 2022. 

Fannie Mae also reduced its forecasts for home sales in 2025 and 2026. 

The decline in sales came as a 17-month run of year-over-year increases in new listings came to a close.

The move was widely anticipated and is expected to be followed by additional cuts this year. 

The jump in mortgage activity was driven in large part by refinancings, which surged 58% in the week ended Sept. 12. 

At the same time, completions of new single-family homes were on the rise last month, according to federal statistics. 

The National Association of Home Builders said its monthly builder-confidence survey indicated rising optimism that lower interest rates could spur new-home buying activity. 

Multiple penthouses are among the top 10 most expensive homes sold in Arizona last month.

Active listings rose 24.2%, with 14,596 homes on the market, despite the fact that new listings dropped 12.4% annually.

The surge comes as the rate on a 30-year fixed-rate mortgage fell to its lowest level since October 2024. 

The rate of home-price appreciation slowed to just over half the rate of inflation in July, Cotality noted. 

Despite the decrease in borrowing costs, the Mortgage Bankers Association’s Market Composite Index showed a decrease in mortgage applications in the week ended Aug. 29. 

Mountain views are on the menu for this month’s list of the 10 most expensive new listings in Arizona.