The Phoenix housing market is cooling off Article originally posted on HERE on August 24, 2026 In 77% of the Phoenix area’s ZIP codes, sellers listed their homes in July for less than they did last year. Why it matters: Some home buyers could be getting better deals than they did last year when mortgage rates were at comparable levels. By the numbers: Realtor.com’s July Market Hotness Index, based on listing views and time on the market, ranks Phoenix in the bottom third of the metro areas it tracks. On the supply side: Phoenix area homes are sitting on the market for 66.5 days — 9.5 days above the national average. But that’s three days shorter than last year. On the demand side: Buyers are looking less often at Phoenix area properties — now in the bottom 20% of the U.S. Phoenix area’s hottest, coolest housing markets Realtor.com July hotness rankings for Metro Phoenix ZIP codes Table shows the hottest and coolest real estate markets in Phoenix-area’s ZIP codes. The graphic charts the median days on the market and median listing prices in those ZIP codes. Table with 4 columns and 12 rows of data. (column headers with buttons are sortable) Rank City | ZIP code Median days on the market Median listing price Phoenix’s hottest 1 Tempe | 85283 42 42 42 $535,000 2 Tempe | 85284 58 58 58 $733,825 3 Phoenix | 85053 42 42 42 $392,000 4 Glendale | 85306 39 39 39 $429,750 5 Chandler | 85286 48 48 48 $636,235 Phoenix’s coolest 142 Casa Grande | 85194 96 96 96 $367,850 143 Rio Verde | 85263 100 100 100 $750,000 144 Wickenburg | 85390 125 125 125 $594,250 145 Eloy | 85131 99 99 99 $335,000 146 Morristown | 85342 121 121 121 $480,000 Yes, but: The median price for an existing single-family home in the Phoenix area was $477,700 in the second quarter of this year, up 0.7% from the same time last year, per the National Association of Realtors. Much of that time, though, mortgage rates were several ticks below where they are today. Zoom in: In about two-fifths of the area’s ZIP codes, listing prices are at least 5% lower than they were last year, according to Realtor.com. ZIP codes with the biggest drops in listing prices: Scottsdale | 85251, down 27.6% — Homes typically spent 78.8 days on the market, with a median listing price of $488,500. Phoenix | 85014, down 26% — 77 days and $444,575. Scottsdale | 85258, down 25.6% — 68 days and $807,500. The other side: Listing prices have jumped in other Phoenix ZIP codes: Gila Bend | 85337, up 40% — Homes typically spent 18.5 days on the market, with a median listing price of $230,000. Cave Creek | 85331, up 16.7% — 73.2 days and $1 million. Apache Junction | 85119, up 10% — 56 days and $519,750. What we’re watching: Elevated mortgage rates could continue to slow home sales. The average 30-year rate was 6.67% on Aug. 13, near a one-year high. NAR estimates the monthly home payment for a typical existing home in the U.S. jumped $219 in the past quarter as mortgage rates trended up.