Market Updates – February 2026

The housing market is still shaking off its winter slowdown, but improving affordability suggests a more active home-buying season this spring. A median-income household in the United States can now comfortably afford a home priced around $331,483 with a 20% down payment. That figure is about $30,000 higher than it was a year ago, according to a new Zillow® analysis. The increase is largely driven by rising household incomes and slightly lower mortgage rates.

In Metro Phoenix, buying power has grown even more. Local homebuyers can afford nearly $40,000 more than last year, also due to stronger incomes and easing mortgage rates.