Phoenix home shoppers showed significantly more interest in buying during the height of the 2026 home shopping season, but affordability challenges and elevated mortgage rates continue to stand between many prospective buyers and a completed sale.

A new Zillow analysis found the Phoenix metro averaged 3.8 engaged home shoppers for every home listed for sale during the second quarter of 2026, up 19.8% from the previous year. Zillow defines engaged shoppers as people who saved or shared a for-sale listing, actions the company says indicate stronger interest than simply browsing homes online.

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While Phoenix remained below the national average of 4.8 engaged shoppers per listing, its sharp increase points to substantial demand that has yet to fully translate into transactions.

Nationwide, the number of engaged shoppers per listing increased 21% from a year earlier, reaching nearly five shoppers for every home on the market. Home sales, however, increased just 4.5% over the same period. Zillow said increased inventory makes the rise in serious shopping activity particularly noteworthy.

The disconnect highlights one of the defining characteristics of the current housing market: Americans remain interested in buying homes, but mortgage rates and affordability are keeping many on the sidelines.

“This past spring gave us a window into what demand looks like when conditions are even modestly more favorable,” said Kara Ng, Zillow senior economist. “With borrowing costs moving back up and economic uncertainty weighing on household decisions, that gap between intent and action has only grown.”

Phoenix buyers face less competition

Phoenix’s 3.8 engaged shoppers per listing also illustrates how housing conditions in the Sun Belt differ from many markets in the Northeast.

Buffalo led the nation with 10.5 engaged shoppers for each listing, followed by Providence at 9.5 and Hartford at 8.5. San Francisco recorded 7.6 and Cleveland had 7.3.

At the other end of the spectrum, Houston had just 2.2 engaged shoppers per listing, followed by Miami at 2.4 and San Antonio at 2.9. Las Vegas and Austin each recorded 3.4.

Phoenix’s 3.8 ratio puts the Valley closer to those less competitive Sun Belt markets than to the highly competitive Northeast.

Zillow said increased inventory across the Sun Belt has helped cool competition and give buyers greater negotiating power, while sellers face increased pressure to price homes appropriately and attract attention.

Higher-end buyers remain more active

The analysis also reveals a widening divide based on home prices.

Luxury listings nationally attracted a median of eight engaged shoppers per listing during the spring, nearly three times the 2.7 shoppers recorded for lower-priced homes. Engagement with luxury listings increased 25.7% year over year, compared with 8.6% for homes in the bottom price tier.

Larger homes showed similar strength. Listings with four or more bedrooms attracted 6.6 engaged shoppers per listing, compared with 3.5 for two-bedroom homes. Zillow said higher-end buyers appear to have greater financial flexibility to navigate elevated borrowing costs and economic uncertainty.

For Metro Phoenix, the numbers suggest buyers haven’t disappeared. Instead, many appear to be watching, saving and sharing properties while waiting for financial conditions to become more favorable.

And with Phoenix shopper engagement rising nearly 20% in a year, any meaningful improvement in mortgage rates or affordability could put that pent-up demand back into play.