Nationally, home sales were down 2.6% year over year and up 8.4% month over month, RE/MAX said. 

The priciest new listing in the Grand Canyon State is a $25 million property in Paradise Valley that features koi ponds, streams, gardens and an antique greenhouse.

The Valley of the Sun is a perfect match for homeowners looking to downsize in their golden years, according to research from Mirador Living.

The median existing-home price was also on the upswing last month, providing homeowners a bit of refuge as the stock market undergoes a correction, Chief Economist Lawrence Yun said in the monthly report. 

The pace of new-home construction was higher than economists expected, even as homebuilders expressed concern about the impact of tariffs and supply-side challenges. 

Agents from Realty ONE Group, Compass and HomeSmart were responsible for the most transaction sides on February’s list of the 10 most expensive home sales in Arizona.

Falling consumer sentiment suggests potential homebuyers are wary of the short-term economic outlook and future inflation, CoreLogic Chief Economist Selma Hepp said. 

At the same time, the median sales price for a new home hit its highest level since 2022, according to the U.S. Census Bureau and the U.S. Department of Housing and Urban Development.   

In Phoenix, home prices posted a 2.09% year-over-year gain in December, while they slid 0.06% month over month. 

At the same time, builder sales expectations for the next six months posted their second-largest drop since the sentiment index started in 1985. 

These were the most expensive homes sold in Arizona last month, led by a sprawling $21 million estate in Scottsdale.

There’s a $25 million tie for the most expensive new listing in Arizona. Those two pricey properties hit the market during the past month.

On a city basis, Chicago posted the highest annual increase among the country’s 20 largest metros, followed by Miami, Las Vegas and Washington, D.C. 

The median existing-home price for all housing types in December rose 6% from its year-ago level.    

Gilbert ranks among the U.S. cities where housing inventory has grown the most since 2005, according to a report from StorageCafe.

Nationally, home sales were up 13.3% year over year and 4.4% month over month, RE/MAX said.