Market Update · May 2026
Phoenix Market Normalizing — Buyers Gaining Negotiating Power
Phoenix closed about 2,610 single-family resales in May 2026 with a median price near $460,000 and 53 days on market. Buyers now have room for price reductions, closing-cost concessions, and rate buy-downs.
$460K
Phoenix Median Sale Price May 2026
Development · Downtown Phoenix
$675M Twin-Tower "Arro" Project to Become Arizona's Tallest Building
Empire Group rebranded its Downtown Phoenix mega-project to "Arro" — a 541-foot, 45-story north tower with 380 luxury residences and the 250-key Optimist Hotel, plus a 36-story south office tower.
$675M
Estimated development value
Market Conditions · 2026
Arizona Market Shifting Toward Balance — More Inventory, More Options
Statewide inventory has risen 24.7% year-over-year. Builders are offering rate buydowns and move-in-ready incentives. Scottsdale median home price stands at $973,000, up 3.62% year over year.
+24.7%
AZ Inventory Growth Year-Over-Year
Scottsdale · Luxury
Scottsdale Median Hits $973K — Luxury Demand Remains Strong
Scottsdale's housing market reflects balanced conditions with 2,974 homes available and 2.05 months of supply. Luxury communities like Silverleaf, DC Ranch, and Gainey Ranch continue to see strong buyer demand.
$973K
Scottsdale Median Home Price 2026
West Valley · Growth
West Valley New Construction Keeps Pace With Buyer Demand
Buckeye, Goodyear, and Surprise continue to lead the Valley in new home permits, giving move-up buyers more options at accessible price points without leaving Maricopa County.
18.3%
West Valley New Listings Growth Year-Over-Year
Industry Outlook · 2026
Arizona REALTORS Optimistic — Balanced Market Emerging for Buyers & Sellers
Arizona REALTORS 2026 President Lisa Paffrath notes home values remained stable despite longer days on market. Builders are more competitive with rate buydowns and move-in-ready homes across high-growth areas.
62.7
W.P. Carey Commercial Broker Sentiment Index (Moderate Optimism)