June Home Price Lowest in 4 Years
The Phoenix median single-family home sold price in June was the lowest for a June in 4 years. Adjusted for inflation, it was the lowest in 5 years.
Luxury Homes Doing Better than Entry-Level Homes
According to the Cromford Report, home prices in cities with a higher proportion of luxury homes are doing better than the rest of the valley. The median price of single-family homes in Scottsdale, for instance, is up 4.3% over last year. Entry-level areas aren’t doing as well. The price in Avondale, for instance, is down 5.3% over last year.
Supply for Sale Dipped Last Week
But the supply for sale is running at the high end of the normal range, so there’s a LOT of downside risk to home prices, IF supply starts increasing again.
New Supply – Number of Houses Hitting the Market in June Back to 2024 Levels
The increase in the supply of homes for sale this year has been because the number of houses hitting the market has been running a lot higher than in 2024.
The number of homes sold, on the other hand, has been running very similar to 2024.
It’s just 1 month, but the number of single-family homes hitting the market in June 2025 was only 2% more than in June 2024. In January 2025, 23% more homes hit the market than in January 2024.
June
January
6 Months of Supply of Condos
The outlook for condo prices is weaker than for single-family homes.
I think prices start to fall when supply is above 6 months of supply.
3 Months of Supply of Single-Family Homes
Click on the graphs to go to the full-size, interactive versions.
Notice how very small changes in New Listings and Solds eventually cause HUGE changes in the number of houses For Sale and house Prices (see graph above).
This information can vary a lot in different parts of metro Phoenix. Your real estate agent can find the data for your specific city or zip code at The Cromford Report.