📊 Phoenix Real Estate Market Snapshot – April 2025
📈 Inventory Keeps Growing
Active listings up 47% from April 2024
Supply continues to climb even as sales increase
Buyers now have more options than they’ve had in years
💲 Buyer Activity Improving
Pending listings up 1.8%, under contract up 6%
Monthly home sales up 2.6% YoY and 19% from March
30-year mortgage rates have eased to around 6.63%
💶 Prices Holding (for now)
Median sale price: $459,500 (+3.3% YoY)
Average price/sq. ft: $311.19 (+5.8% YoY)
Luxury closings are skewing prices higher, but activity is starting to slow at the top end
🏠 Builders Adjusting Course
Despite strong new home closings early in 2025, builders like KB Home are now cutting base prices
Others are offering bigger incentives to attract buyers
Major builder stocks (Lennar, DR Horton, Toll Brothers) are all down 20-30% year-over-year
📉 Market Pressure is Mounting
Cromford® Market Index is below 80 → signals potential price softening ahead
Inflation and high construction costs add pressure
🛏️ Buyer Tip: More listings = more negotiating power, especially in the suburbs. Take your time and walk away from unrealistic sellers.
💼 Seller Tip: Homes are still selling, but pricing must be realistic. The days of name-your-price are behind us.
*Data from Cromford Report Market Update from April 3, 2025