🏡 Sales Market
- Active Listings: 22,580 (+3.5% YoY)
→ Inventory continues to rise, but growth is slowing significantly compared to earlier in 2025 - Median Sold $/SF: $254.50 (-3.6% YoY)
→ Prices remain under pressure, but showing signs of stabilization month-to-month - Average Days on Market: 64 (+8.5% YoY)
→ Homes are still taking longer to sell, though slightly improved from January - 30-Year Mortgage Rate: 6.05%
→ Lowest level in this dataset — providing a mild boost to buyer activity
🏘️ Rental Market
- Active Listings: 4,696 (+4.6% YoY)
→ Rental inventory is finally starting to decline month-over-month - Median Rented $/SF: $1.32 (-0.8% YoY)
→ Rents are stabilizing after a steady decline throughout 2025 - Median Days on Market: 42 (+10.5% YoY)
→ Leasing is still slower than last year, but improving vs. January
📉 Key Takeaways
- Inventory growth is cooling, but still elevated
- Pricing pressure remains on both sales and rentals
- Mortgage rates dropping is the biggest positive signal right now
- Rental market may be bottoming out after a long softening cycle
👉 Overall:
The Phoenix market is still in a rebalancing phase, but early signs of stabilization are starting to show — especially if rates continue trending down.