The number of residential home sales rose for the second month in a row. Year-over-year closed home deals for the Metro Phoenix housing market increased 4.1% compared to the first four months of 2024. 

“With all the questions about the economy, it’s reassuring to see closings rise again,” said Christy Walker, board president of Phoenix REALTORS®. “New listings are also up again, which gives us a diverse range of prices for homebuyers.”

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New listings were up significantly over last year, 15.4%, across the region. Pending sales were down 7% compared to the previous year, reflecting buyer uncertainty. This all means that if a new home is needed, there is a good inventory across Greater Phoenix for the buyer.

Home prices are still rising, albeit more slowly than last year. The year-to-date median single-family home price is up 2.1% to $485,000 from $475,000 in 2024.

“The affordability index this year is still high, but holding at 67, the same as last year,” Walker said. “It’s an encouraging statistic because it says wage increases are catching up with housing prices.”

Recent economic uncertainty may be a driver behind a new trend: an earlier-than-expected drop in pending sales. In past years, pending sales dropped in the third quarter. This year, pending sales started falling in February and have continued downward.

At the same time, new listings continue to rise, hitting the highest numbers since mid-2022, a blip in trends generated by the end of the COVID-19 pandemic.

Closed sales increased again in April, but the number of keys exchanged is the second-lowest April since 2008.

Median sales prices have nearly returned to the March through April 2022 boom numbers. Regarding housing costs, there is a market recovery in home values. 

The affordability index at 67 remains reasonably steady, although it is lower than the 12-month average of 69. The index is the percent of the population earning an income required to afford a median-priced home in Greater Phoenix. A number over 100 says the median income is higher than necessary to buy a median-priced home; less than 100 says the income is short of the amount needed to buy such a home.

Phoenix

The overall market conditions were mirrored in Phoenix during the first four months of 2025 compared to a year earlier. Both closed sales and housing prices increased 2.1%, with the median Phoenix single-family home pegged at $495,000. Listings were up 13.4% while pending sales dropped 7.9%.

Scottsdale

New listings growth trailed the market and most cities, up just 9.5% over the same period in 2024. The median price of a Scottsdale home jumped 8.6%, almost four times the increases seen elsewhere in the Valley. The median home in the city is now over $1.23 million compared to $1.13 million last year. Pending Scottsdale sales were down 10.5%.

Goodyear

Goodyear posted another outstanding start to 2025 with closed sales to date up 43.2% over last year, pending sales up 26.1%, making it the only major city in Maricopa County able to make that claim. New listings were up 36.4% for the first four months compared to last year. The median sales price bucked the city’s overall trend, dipping slightly to $479,990, 1% less than the same period in 2024.

Chandler

Chandler saw an increase in new listings, up 25.6% over the same period last year, and closed sales rose 5.5% for those four months. Pending sales dropped 5.6% and the median home price dipped slightly, down 0.9% to $560,000.

Peoria

Peoria saw a healthy increase in closed sales, up 8% in year-to-date comparisons with 2024. New listings climbed 21.9% while pending sales dropped 5%. The median home price in the city rose a little, 0.5%, to $535,276.

Learn more about the Metro Phoenix housing market at Phoenix REALTORS.