Phoenix housing update: softer prices, more listings, and rates near 6%
Phoenix, AZ – February 26, 2026 – Mortgage rates are hovering near 6% while local prices soften slightly; inventory remains elevated heading into spring, keeping the market more…
Top takeaways
- Prices are modestly lower year over year. Redfin reports a $450K median sale price in Jan 2026 (down 2.2% YoY). Zillow’s typical value index shows $404K (down 3.7%).
- Market pace is cooler. Homes averaged about 72 days on market (Redfin) and about 39 days to pending (Zillow).
- Selection looks ample for spring. Zillow reports 4,897 homes for sale as of Jan. 31, and Realtor.com shows 7,132 active listings.
Market snapshot
The sale side and the list side are pointing in the same direction: modest year-over-year softening, slower timelines, and more room for negotiation. Redfin counted 1,108 homes sold in January, up slightly from last year, which suggests demand is still present even as buyers take longer to commit.
With longer timelines and more inventory to choose from, outcomes can depend heavily on pricing and presentation. When days-on-market stretches, buyers often have time to compare multiple options, and sellers may need to work harder to stand out.
Rates & shopping notes
Nationally, Freddie Mac put the average 30-year fixed rate at 6.11% as of Feb. 5, 2026, and late-February reporting has it near 6% (5.98%). Buyers are watching lender credits and seller concessions, while sellers are leaning on sharp pricing and pre-list repairs when the market takes longer to absorb listings.
What to watch in listings right now
- Compare list price vs. recent sold comps before treating any asking price as “the market.”
- Use saved searches by home type and budget (single-family, condos/townhomes, and new construction) to track new inventory and price changes.
- If renting, track month-to-month changes in asking rents and move-in specials.
What are you seeing right now: more price cuts, or more buyers returning?