The National Association of REALTORS’® Pending Home Sales Index rose 6.9% in March, compared to economists’ expectations of a smaller 1% gain.

A Scottsdale estate, last sold in 2022 for $9.5 million, just hit the market again — but this time, with a $25 million price tag.

The pace of sales rose 7.4% compared to February, topping analyst estimates by a large margin.

Given the city’s median annual household income of $110,067 for married couples, they have to spend 50% of their yearly earnings on mortgage payments, property taxes, insurance and other related costs.

The surprisingly large decline in the pace of housing starts comes as builder sentiment remains depressed by tariff worries and high prices. 

Agents from Russ Lyon Sotheby’s International Realty are prominently featured as both listing and selling agents on this month’s list of the 10 most expensive home sales in Arizona.

“Each interaction indicates buyer interest in that home, and listings with higher engagement levels tend to sell faster and at or above the list price,” Zillow Senior Economist Kara Ng explained.

Meanwhile, purchase applications showed their strongest increase in almost two months, rising 7% year over year.

The National Association of REALTORS’® Pending Home Sales Index rose 2% month over month in February, topping an expected 0.9% gain. 

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.