May 2026 Greater Phoenix Real Estate Market Report

The Greater Phoenix housing market in May 2026 showed improving sales activity alongside declining inventory and stable home prices. While demand strengthened compared to earlier in the year, tighter supply and rising foreclosure activity signal a market adjusting to evolving conditions.

Key Highlights

• Home sales increased 4.6% year over year, continuing upward momentum
• Total listings declined 9% overall, with normal listings down 10%
• Median home price remained flat at $510,000
• New listings dropped 7.1% compared to last year, reflecting seasonal supply constraints
• Foreclosures increased significantly, up 77% year over year
• Homes under contract rose 4%, showing continued buyer activity

Arizona's housing market is balancing steady demand with tightening supply, as rising sales and stable pricing indicate resilience. However, declining inventory and increased foreclosure activity suggest underlying pressures that could shape market conditions in the months ahead.

Download the full May 2026 Greater Phoenix Market Report

Market data provided by Fletcher Wilcox | Author of the Wilcox Report

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Author: Arizona School of Real Estate

Arizona School of Real Estate & Business (ASREB) provides licensing, continuing education, and professional development programs for real estate and related industries. Our blog delivers practical insights, industry trends, and educational resources to help professionals build, grow, and advance their careers. View All Posts