June 2026
The Phoenix Metro housing market continued to stabilize in June as inventory declined, home prices held steady, and the rental market tightened. Here are the highlights from Maricopa and Pinal Counties.
Sales Market Highlights
- Active Listings: 21,155 (5.7% decrease YoY)
- Median Sold Price: $253.97 per SF (0.4% increase YoY)
- Average Days on Market: 58 days (1.8% increase YoY)
- 30-Year Mortgage Rate: 6.49%
Inventory has continued to decline from its spring peak, giving sellers slightly more leverage while still providing buyers with more choices than they had a few years ago. Home prices remain remarkably stable despite elevated mortgage rates.
Rental Market Highlights
- Active Rental Listings: 4,920 (12.1% decrease YoY)
- Median Rent: $1.35 per SF (2.2% decrease YoY)
- Median Days on Market: 28 days (9.7% decrease YoY)
Rental inventory remains significantly lower than last year, and homes are leasing much faster. While rents have softened slightly compared to 2025, tenant demand remains healthy for well-priced, well-maintained properties.
Key Takeaways
- 📉 Home inventory declined 5.7% year over year, continuing the trend toward a more balanced market.
- 📈 Home values remained stable with a 0.4% annual increase in median sold price per square foot.
- 🏡 Homes averaged 58 days on market, showing only a slight increase from last year.
- 💰 Mortgage rates remained relatively steady at 6.49%.
- 🔑 Rental inventory fell 12.1% year over year, creating less competition among landlords.
- ⚡ Rental homes leased in just 28 days, nearly 10% faster than a year ago.
Overall Outlook
The Phoenix Metro market remains healthy and balanced heading into the second half of 2026. Buyers continue to benefit from improved inventory levels, sellers are seeing stable home values, and landlords are enjoying stronger leasing activity as rental inventory tightens. While elevated mortgage rates continue to influence affordability, the market has shown remarkable resilience, making Phoenix one of the more stable real estate markets in the country.
May 2026
Sales Market
Active Listings: 21,908 (-7.2% YoY)
→ Inventory continues to tighten across the metro area, marking one of the largest year-over-year declines we’ve seen since inventory peaked in 2025.
Median Sold $/SF: $253.94 (-1.0% YoY)
→ Home prices remain slightly below last year, but the pace of decline continues to moderate, suggesting pricing is stabilizing.
Average Days on Market: 56 (+5.7% YoY)
→ Homes are taking slightly longer to sell than last year, though market timing remains healthy and relatively balanced.
30-Year Mortgage Rate: 6.52%
→ Rates moved higher from April and remain one of the primary headwinds for buyer affordability and demand.
Rental Market
Active Listings: 4,604 (-11.2% YoY)
→ Rental inventory continues to tighten significantly, reflecting a major shift from the oversupplied rental conditions experienced throughout much of 2025.
Median Rented $/SF: $1.35 (-1.5% YoY)
→ Rental pricing remains slightly below last year, though rents have held remarkably stable despite ongoing economic uncertainty.
Median Days on Market: 33 (+6.5% YoY)
→ Rentals are taking slightly longer to lease than last year, suggesting renters remain price-conscious despite reduced inventory.
Key Takeaways
- Sales inventory continues to contract year-over-year
- Home prices are stabilizing and nearing flat year-over-year performance
- Higher mortgage rates remain the biggest challenge for buyers
- Rental inventory continues to tighten significantly
- Rental pricing remains relatively stable despite lower supply
- The market is becoming more balanced as excess inventory from 2025 is absorbed
Overall
The Phoenix Metro housing market continues its gradual transition toward stabilization. Inventory on both the sales and rental sides has declined substantially from last year’s elevated levels, creating healthier supply conditions. While mortgage rates remain a challenge and continue to limit affordability, home prices have largely stabilized and rental rates have remained resilient.
The biggest story in May is the continued reduction in available inventory. What was once a rapidly expanding supply environment throughout 2025 has shifted into a tightening market across much of Maricopa and Pinal Counties. While this doesn’t necessarily signal a return to the ultra-competitive markets of previous years, it does suggest the Phoenix Metro market is moving toward a more balanced environment where neither buyers nor sellers hold a significant advantage.