More Local Market Info

Hello everyone. The Valley never moves in straight lines, and the housing market is proving it again. According to The Cromford Report, inventory is up compared to last year, down compared to June, and still lower than what would be considered normal. Prices are holding steady, builders are still tossing incentives into the mix, and buyers suddenly have more breathing room. Headlines may paint a storm, but the real story looks more like a market taking a deep breath.

Inventory Up But Not Overflowing

July closed out with about 24,300 homes on the market. That is a 27 percent jump from last summer and the highest July count in more than ten years. Sounds big, right? But normal supply for The Valley runs closer to 27,000 to 28,000 homes. We are still short of that line. And since June, inventory has already dropped a couple of thousand.

The reason? Many sellers rushed in back in January expecting 2025 to roar. Six months later, their listings expired. They stepped back because they can. They are locked into rock-bottom pandemic mortgage rates and sitting on strong equity. That means no fire sales and no desperation.

• Current inventory 24,300

• Up 27 percent year-over-year

• Normal range closer to 27,000 to 28,000

• Highest July count in over a decade

• A couple thousand fewer listings than June

• Sellers steady with low rates and equity

Camelback East saw the fastest jump in listings, followed by Buckeye and Surprise. In those areas alone, supply rose by more than 140 homes compared to last year. The West Valley still holds hot spots under $400,000, giving first-time buyers more options than they had a year ago.

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Prices Staying Grounded

The Cromford Report shows July’s median sale price at $448,000. That is slightly under the $455,000 we saw in December, but still higher than the $442,000 range from last summer. Year-over-year, that is a 1.4 percent increase.

• July 2025 median $448,000

• December 2024 median $455,000

• Annual growth plus 1.4 percent

• Case-Shiller Index shows a tiny 0.06 percent dip in June

Greater Phoenix price growth is trailing the U.S. average and even consumer inflation. So while prices are not racing ahead, they are also not falling apart. Think of it more like the market hitting a cruise-control setting.

Also Read: Latest Greater Phoenix Real Estate Statistics For August 2025

Builders Keeping Deals Interesting

Mortgage rates are sitting around 6.58 percent, which is keeping builders active with incentives. The most common perk right now is mortgage rate buy-downs, which make monthly payments easier to handle. These offers come and go depending on where rates land, but at the moment they are helping buyers stretch further.

• Mortgage rate buy-downs offered widely

• Incentives supporting new construction sales

• Extra negotiating space for buyers

• Offers tied to where rates move next

Builders like these programs now, but once interest rates dip under 6 percent, incentives may not look the same.

Also Read: Why Are So Many People Moving To Arizona? Top Reasons

Market Mood Heading Into Fall

The Cromford Report paints a picture of balance. Inventory is higher than last year but still under normal levels. Prices are calm, edging slightly upward compared to last summer. Sellers are comfortable, not pressured. Builders are still adding incentives that give buyers more room to move.

The Valley is not in a frenzy, and it is not in freefall. It is in an in-between moment where buyers have a little more space and sellers have no reason to panic. That is not the story of collapse, it is the story of a market finding its pace.