Buyers Gain Leverage
Arizona’s housing market continued to shift toward buyers in August. Home prices fell while higher mortgage rates and seasonal slowing also cooled housing demand nationwide. Metro Phoenix recorded a median listing price of $475,000 in August, according to the Realtor.com August 2026 Monthly Housing Trends Report. That marked a 4.8% decline from a year earlier. By comparison, the national median listing price fell 1.3%.
Buyers also had more homes to choose from. Active listings increased 5.2% year over year. New listings rose slightly by 0.6%. Meanwhile, the median price per square foot declined 1.4%. Despite lower asking prices, Metro Phoenix homes sold faster than they did a year earlier. The median time on the market decreased by three days. About 27.6% of listings also received a price cut. However, that share fell 0.8 percentage points from a year earlier.
