The latest S&P CoreLogic Case-Shiller Index was released today. What does it show about Phoenix real estate?

The biggest influx of new residents to Arizona comes from California. More than 17% of people leaving the Golden State relocate to Arizona.

The increase ends a six-month string of monthly declines, the National Association of REALTORS® said.

New-home inventory rose to 444,000 homes in May from 437,000 homes in April, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported.  

Meanwhile, existing-home sales slid 3.4% from April to a seasonally adjusted annual rate of 5.41 million, according to the National Association of REALTORS®. 

Nationwide, sales fell 8.5% annually and rose 5.8% monthly, as rising interest rates and home prices weighed on homebuyers’ purchasing power, RE/MAX said.

New-home completions rose during the month, however, with the increased inventory representing a rare bright spot in an otherwise gloomy government report. 

Nationally, the index posted its highest annual increase ever.

Nevertheless, home prices are expected to continue rising through the end of the year, according to the National Association of REALTORS®. 

The rate of new single-family home sales fell 16.6% from March’s revised number, while the median sales price jumped to $450,600 from March’s revised median house price of $435,000.