Mortgage Rates Tick Down, Inventory Still Tight

As warmer temperatures begin to grip the Valley, the local housing market typically dips into its slower selling season, as house hunting becomes less comfortable during the summer months. 

Inventory remains tight both locally and nationally. In the greater Phoenix metropolitan area, the number of active listings in April 2026 is down roughly 2.6 percent when compared to the same month last year, according to a report from Clear Title of Arizona. Within our local tracking zones in 85085, 85086, 85087 and 85083, inventory decreased 3.8 percent over last month. Nationally, inventory increased 1.4 percent over last year, according to a report by the National Association of Realtors.^® 

In our local zones, the number of days on the market held at 72.3 days, unchanged over last month and total home sales increased 6 percent over last month. Nationally, home sales increased 1.4 percent in April. 

“Buyers are coming out with cautious optimism despite increasing economic uncertainty and a slight rise in mortgage rates,” said NAR Chief Economist Dr. Lawrence Yun, adding that demand will likely increase once mortgage levels retreat to levels seen earlier in 2026. 

Addressing inventory, Yun said, “Unless supply meaningfully increases, home price growth could outpace wage growth and further erode the homeownership rate. All efforts need to be focused on boosting housing supply.”

Mortgage interest rates continued to tick down. A year ago at this time, the 30-year rate averaged 6.81 percent, while the
15-year rate averaged 5.92 percent.