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n May 2025, the Greater Phoenix area defied national trends in residential real estate by outperforming single-family home sales nationwide. According to Phoenix REALTORS data, new listings increased by 13.2%, pending sales decreased modestly by 5%, and median sales prices rose by 1.3% compared to year-to-date figures from 2024.

    "We're bucking the national trends," said Christy Walker, board president of Phoenix REALTORS. "Houses are taking longer to sell, but there's a good selection of homes for sale." Despite pending sales dipping in year-over-year comparisons, nearly 25,800 homes have gone under contract this year, and closed sales increased by 2.2% over last year's seasonal total.

    The number of new listings has led some to call this a "buyer's market," with almost 42,000 homes listed so far this year. In May alone, 7,460 new listings hit the market, close to the monthly average of the last 10 years. The increased inventory is giving buyers more time to find and decide on a home.

    The year-to-date median price in Greater Phoenix rose to $485,000 from $479,000 in the same period last year. However, the Housing Affordability Index remained unchanged at 66, indicating that about two-thirds of households in the area can afford a median-priced single-family home.

    Regional trends vary across the Valley:

    * In Phoenix, new listings rose 11.4%, pending sales dropped 7.1%, and closed deals increased almost 1%.

    * Scottsdale's year-to-date median home price jumped 7.7% to $1.24 million.

    * Gilbert saw a surge in new listings, up 21.7%, but pending sales dropped more than the market average.

    * Goodyear experienced significant growth across the board, with notable increases in new listings, pending sales, and closed sales.

    * Surprise's median sales price slipped by 0.2% to $435,000, while listings rose 23.3%.

    * Pinal County saw an increase in new listings, pending sales remained unchanged, and closed sales increased by 4.2%.