Daily real estate news — Arizona focused, updated every morning.
The average 30-year fixed mortgage rate fell to 7.24% on October 26, down 2 basis points from the prior week. Rates have dropped for three consecutive days, providing some relief for homebuyers even as they remain in the mid-7% range, where many prospective borrowers continue to sit on the sidelines.
Phoenix's median single-family sale price declined to $485,000 in October 2026, down 3.5% from $502,500 a year earlier. The market now shows 3.9 months of inventory, making it balanced, while pending sales fell 37.3% and 2,032 homes cut prices, up 13.6% from a year earlier.
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