U.S. home prices have set monthly record highs for over two years straight, pricing out many homebuyers and keeping more home sellers on the sidelines. Prices skyrocketed during the pandemic and have remained elevated since, largely due to persistent inflation and a chronic inventory shortage.
But the market is starting to shift. Prices are growing more slowly as demand cools and more sellers offer discounts, helping affordability improve and setting the stage for a longer-term housing market “reset” back to normalcy.
So, what’s happening with home prices in Phoenix? Are they dropping or rising? Redfin Real Estate took a look at local median sale prices over the past month, year, and six years to find out. All data represents the monthly average for February 2026.
Are house prices dropping in Phoenix, AZ?
- Median sale price: $465,000
- Year-over-year change: -1.5%
- Month-over-month change: +1.2%
- February 2019 median sale price: $266,150
- Percent change from 2019: +74.7%
Are house prices dropping nationwide?
- Median sale price: $429,650
- Year-over-year change: +1.1%
- Month-over-month change: +1.5%
- February 2019 median sale price: $274,029
- Percent change from 2019: +56.8%
This story was produced by Redfin and reviewed and distributed by Stacker.
