Home sales in the 51 metro areas surveyed by REMAX rose 7.9% month over month and slid 0.5% year over year. 

The increase was driven by refinancing activity as purchase applications dipped. 

The 3.8% month-over-month gain was almost four times what industry observers were expecting. 

May’s priciest Arizona home sale is a new build in Paradise Valley with mountain views.

Inventory rose 3.3% month over month and 0.6% year over year to 1.55 million homes, which equals a 4.5-month supply of unsold inventory, NAR said. 

Nationwide, it takes six years to break even on homeownership, down from an all-time high of 8.4 years in 2023.

Amid what Realtor.com called the most active spring in years, the housing market is finding a new equilibrium.

Looking ahead, Cotality expects home prices to rise 5.3% between April 2026 and April 2027. 

The most expensive new listing in Arizona in May was previously one of the state’s most expensive homes sold in 2025.

The median sales price of new homes sold in April rose 8% to $422,500 from $391,100 in March, the U.S. Census Bureau and the Department of Housing and Urban Development reported.

Home prices continued to rise in March, but the rate of increase slowed yet again, according to the latest S&P Cotality Case-Shiller Home Price Index. 

Redfin reports there were about 46.5% more sellers than buyers in April 2026, down from 47.5% in March and 48.9% in December 2025.

Despite a monthly decline, the rate of new-home construction still came in above consensus estimates. 

In addition to a relatively low cost of living, Surprise has the 18th-highest rate of median-home price appreciation in the country.

Among the top 50 metro areas, Boston and Miami led the pack. 

Homes on the April ranking of the 10 most expensive Arizona home sales range from $7.5 million up to $32.5 million.