06/01/2026
Metro Phoenix Housing Market Update — May 2026
It is June 1st, and the start-of-month snapshot is in. With the conflict with Iran in the headlines, a lot of people assume the housing market must be in trouble. The data says something calmer. Home values are holding steady, and buyers have more homes to choose from than they have had in a long time. Here is what the numbers actually show.
What the Numbers Say
There are about 14,000 single family homes for sale in Maricopa County right now. A normal market has 8,000 to 9,000, so buyers have plenty to choose from. Homes are taking about 84 days to sell. Around 60 days is normal, so when homes sit this long, sellers get more flexible on price. The demand to supply ratio is just under 39%, which keeps us in a buyer's market.
The average home sold last month for about $714,000, right about where it has been for months. Values are holding steady, not falling.
The one thing working against buyers is rates. The 30-year average has climbed from just under 6% in February to about 6.5% now, mostly tied to the conflict pushing up the 10-year Treasury. Here is the part worth holding onto. Rates are still lower than they were a year ago, and the Federal Reserve has not raised its own rate. That leaves room for rates to ease again once things settle.
And with this many homes for sale and homes sitting longer, a slightly higher rate does not have to stop you from buying the home you love. There are two ways to handle it. First, you can ask the seller to pay for a one or two year rate buydown. That puts your rate below today's rates for the first year or two. Then, if rates come down later, you can look at a no cost refinance. If a buydown is not on the table, you can still buy the home now and look at a no cost refinance in about a year, if rates ease the way many expect. Either way, you do not have to choose between the home you want and the payment you want.
So values are steady, choices are wide, and sellers are negotiating. That is good news if you are a buyer.
Something Worth Knowing Right Now
Here is a real example of that buydown working in your favor. A builder is offering below market financing on 25 brand new homes priced under $500,000. They are using a 2-1 rate buydown, and here are the rates:
• Year 1 1.99%
• Year 2 2.99%
• Year 3 – 30 3.99%
APR 4.718%*. You can see all four floorplans and walk the video tours in our online flipbook here: https://publuu.com/flip-book/819637/2451062
*The mortgage buy down is through DHI Mortgage NMLS #143246. Rates are subject to credit approval and change without notice. This is not a commitment to lend and not all borrowers will qualify. The 2-1 buy down is available at the time this book was published but may be withdrawn at any time by the builder.
The Bottom Line
The market is steady and leaning toward buyers, even with rates up for now. If you own your home, your value is holding. If you are thinking about buying, you have choices, room to negotiate, and ways to keep your payment in check while rates are high.
If you want to know what this means for your home or your next move, call or text Michael Hankerson directly at 602-770-7205.
Michael Hankerson Designated Broker | BR648768000 | Hankerson Team | Luxury Division
Mortgage Broker | NMLS # 2664119 | First Link Mortgage | NMLS # 2527988 | Branch ID 2565384
Not a commitment to lend. Not all borrowers will qualify. Equal Housing Opportunity.
https://newhomes-az.com/metro-phoenix-housing-update-may-2026/
