Purchase applications slowed to their lowest level since May as economic worries dampened activity, the Mortgage Bankers Association said. 

According to a recent report by GoBankingRates, Paradise Valley ranked among the nation’s top suburbs based on median household income, home values and other economic indicators.

A $25 million estate in Scottsdale was the most expensive home sold in Arizona last month.

Scottsdale and Paradise Valley homes make up all of the 10 most expensive new listings in Arizona.

May’s 1.8% monthly gain follows a 6.3% drop in April, the National Association of REALTORS® said. 

The pace of home-price appreciation slowed to its most modest pace since 2023, according to the S&P CoreLogic Case-Shiller U.S. National Home Price Index. 

The median-sales price for an existing home rose 1.3% year over year to $422,800. 

Nationally, home sales slid 3.5% year over year but rose 8.6% month over month, RE/MAX said. 

Homebuilder sentiment recently reached its third-lowest level since 2012. 

Last month’s priciest Arizona home sale was a $30 million estate with 15 bedrooms and 16 bathrooms.

The Mortgage Bankers Association said the post-Memorial Day increase came despite economic uncertainty and largely static interest rates. 

The Northeast and Midwest remained strong, while Florida, which saw a major runup in prices in recent years, continued to cool. 

Luxury listings in Paradise Valley, Scottsdale, Phoenix and Sedona are among the priciest new homes on the market statewide.

The 6.3% month-over-month decline was the steepest the U.S. market has seen since September 2022. 

In Phoenix, home prices rose 1.92% year over year and 0.15% month over month in March. 

Nationally, home sales slid 1.4% year over year but increased 11.3% month over month, RE/MAX said.