Amid Higher Supply and Slower Sales, Arizona’s Market Softened in August — but Borrowing Costs Are Easing

Arizona’s housing market spent much of this summer in a holding pattern. In August, statewide data showed signs of cooling as high mortgage rates and buyer fatigue kept activity muted. Listings climbed to 42,322—up 19.3% from last year—but buyers weren’t snapping them up. Sales came in at 7,635, essentially flat year over year, while median sales prices held at $432,000, barely ticking up 0.5% from 2024.