Phoenix market update: June 2026

June sales volume finished about 8% higher than a year ago, though part of that reflects an extra business day in the calendar. Adjusted for the calendar, activity still posted a modest year-over-year gain.

Inventory tightened further, down 5% from last year. Asking prices marked their 26th consecutive month of year-over-year declines, but the pace of those declines has been narrowing, from the high 3-4% range through most of 2025 to closer to 2-3% now.

Buyer demand kept strengthening. Under-contract listings have risen year over year for 12 straight months, and escrow fallout improved to 7%, down from 8% last year. More buyers are writing offers, and more of those offers are closing.

One figure worth watching: residential foreclosures in Maricopa County rose to 134 in June, the highest June total in seven years. Most trace back to loans that first became distressed in 2021 and 2022, so this reads as older distress finally resolving, not a new wave.

The takeaway: demand has strengthened enough to shrink inventory and slow price declines, but not enough to push prices higher yet. This is a market correcting its imbalance, not one recovering.

Source: ARMLS July 2026 STAT Report