The inventory of new homes for sale surged year over year, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.    

At the same time, the pace of existing-home sales declined from May’s level. 

Nationally, home sales rose 5.7% year over year and 1.3% month over month, RE/MAX said. 

Surprise was the top city in Arizona and the No. 4 city in the U.S., with Wallethub naming the Phoenix suburb the top real estate market in the country.

New single-family home construction declined as builders continue to grapple with macroeconomic headwinds. 

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.