Current Market Data
The pace of home-price appreciation declined to its slowest pace in two years, according to the S&P Cotality Case-Shiller U.S. National Home Price Index.
Phoenix isn’t the only southern city packing in new apartments, though. Over half of all new U.S. apartments in 2025 — which equates to over 265,000 units — are located in the south.
The upside surprise came despite monthly and yearly declines in the pace of sales.
Nationally, home sales rose 0.6% year over year but slid 0.7% month over month, RE/MAX said.
The association said the housing market is making a definitive swing back in the direction of the buyer thanks to wage growth, slowing home-price gains and rising inventory.
The single-family sector managed to eke out a slight monthly gain, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.
The NAHB/Wells Fargo Housing Market Index slid a point to 32, reflecting ongoing negative sentiment in the homebuilding industry.
The priciest Arizona listing last month was a $17 million estate with views of Camelback Mountain.
“There are now nearly 21,000 homes on the market in greater Phoenix,” said Phoenix REALTORS® President Christy Walker. “This means a wider selection for buyers, making it their market.”
NAR’s report — which surveyed nearly 5,000 Realtor members — also found that the typical agent took on 10 transactions in 2024, the same as a year prior.
As the spring homebuying season ended, U.S. home price growth softened significantly, opening the door to improved affordability.
Home-purchase activity remained elevated from 2024, but a cloudy economic outlook has deterred some would-be homebuyers.
After years of fast-paced home sales, tight inventory and relentless price growth, the U.S. housing market may finally be entering a new chapter.
The priciest new listing in Arizona is a $21 million mansion nestled into Camelback Mountain.
Geographically, the only region to post a monthly increase in pending sales was the Northeast, where they rose 2.1%, according to NAR’s Pending Home Sales Index.
Nationally, the pace of home-price appreciation declined to its slowest pace in almost two years, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index.