Despite a 0.5% year-over-year decline in new listings, active inventory increased by 59.1% in Maricopa County last month.

Arizona ranks as one of the U.S. states with the lowest overall energy costs, meaning major savings for Arizonans.

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The record-breaking sales price comes as the pace of transactions slid from April, the National Association of REALTORS® said. 

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.