🏡 Sales Market
Active Listings: 22,703 (-3.4% YoY)
→ Inventory has declined year-over-year for the first time in over a year, signaling that the massive inventory surge of 2025 may finally be cooling
Median Sold $/SF: $254.75 (-1.4% YoY)
→ Home prices remain below last year, but the pace of decline has slowed significantly, pointing toward stabilization
Average Days on Market: 55 (+3.8% YoY)
→ Homes are still taking slightly longer to sell than last year, though market timing remains relatively healthy for a balanced environment
30-Year Mortgage Rate: 6.35%
→ Rates improved from March’s spike, giving buyers a modest affordability boost heading into the spring market
🏘️ Rental Market
Active Listings: 4,318 (-9.3% YoY)
→ Rental inventory continues to tighten significantly, marking a major shift from the oversupplied conditions seen throughout much of 2025
Median Rented $/SF: $1.36 (+2.2% YoY)
→ Rental pricing has turned positive year-over-year, suggesting renters are starting to feel the effects of reduced supply
Median Days on Market: 32 (+3.2% YoY)
→ Rentals are taking slightly longer to lease than last year, but still moving relatively quickly compared to historical norms
📉 Key Takeaways
- Sales inventory has officially shifted from expansion to contraction year-over-year
- Home prices are still slightly soft, but clearly stabilizing
- Lower mortgage rates compared to March should help buyer confidence
- Rental supply is tightening quickly, creating upward pressure on rents
- The rental market appears to be recovering faster than the sales market
👉 Overall:
The Phoenix Metro market is showing some of the clearest stabilization signals we’ve seen in months. Sales inventory is no longer expanding, pricing declines are moderating, and mortgage rates improved month-over-month. Meanwhile, the rental market is tightening quickly, with rising rents and reduced supply suggesting momentum is shifting back toward landlords.