Income growth surpassed rental growth in 37 of the largest 50 U.S. metros this October — including Phoenix, according to new research from Zillow.    The typical asking rent for an average rental unit decreased 0.7% to $1,763. Meanwhile,

The largest project in The Valley’s pipeline is Kierland Sky, a Scottsdale adaptive-reuse project that will convert office space into 420 apartments.

The chief economist for the National Association of REALTORS® also predicts home prices will climb 4% compared to 2025. 

Compass agents worked with both the buyers and sellers of the two most expensive homes sold in Arizona in October.

Nationwide, the median price for a single-family home increased 1.7% year over year to $426,800. Prices increased by the same annual rate during the second quarter.

A $48 million Silverleaf estate tops this month’s list of the 10 most expensive new listings in Arizona.

Given the rate of sales, the nation had a 4.6-month housing supply, up from 4.2 months a year prior.

Nationally, home sales in the 52 metro areas surveyed by RE/MAX increased 8.5% year over year for the fourth time in 2025, but declined 4.6% month over month.

Two of the most expensive homes sold in Arizona last month were bought with the help of Compass agent Carol Adams.

The pace of home sales, meanwhile, remained at “multi-decade lows” even as affordability reached its most favorable level since 2022.

The pace of home-price appreciation declined to its weakest pace in 10 years, according to the S&P Cotality Case-Shiller U.S. National Home Price Index. 

Two of the most expensive new listings in Arizona were listed by Katrina Barrett, an agent with Walt Danley Local Luxury Christie’s International Real Estate.

The pace of new-home sales hit an annual rate of 800,000, its highest level since January 2022. 

Fannie Mae also reduced its forecasts for home sales in 2025 and 2026. 

The decline in sales came as a 17-month run of year-over-year increases in new listings came to a close.

The move was widely anticipated and is expected to be followed by additional cuts this year.