March 2026 Market Report presented by Ashlee Donaldson
The March 2026 Market Report is here to keep you connected to market updates, featured homes, and everything happening in and around the Phoenix Valley each month. Take a look around our website while you’re here – you’ll find our featured properties, learn more about our team, and discover resources designed to help with your next move.
What Home Buyers Should Know:
Listings Under Contract Now Up 10% Over Last Year
It’s been a busy month in the housing market! Contracts in escrow are now up 10.2% over last year and are outperforming even 2023 and 2024 at this juncture. Influencing this increase in demand have been mortgage rates stabilizing below 6.2% since Christmas and even hitting 5.99% in the last week of February. While the Cromford Demand Index shows the Phoenix market is 13% below normal, that’s an improvement from 16% below normal last month and 24% below normal measured in August last year.
New Listing Activity:
Buyer Demand:
While buyer demand for homes has been recovering, the recent war with Iran that started on February 28th has created some speed bumps along the way. Hopes are high that the effects are temporary, but the rising cost of gas threatens to affect the current rate of inflation in the United States. Mortgage rates do not like inflation, and in response they have risen from 5.99% to as high as 6.4% as of this writing. This increase in mortgage rates gives buyers two choices: accept a 5% increase in payment or a 5% drop in purchasing power.
The Effect:
The effect on the market could be a lag in contract activity as buyers wait to see if mortgage rates drift down again. If and when they do, then a surge of new contracts could follow. Rumors of increased tax refunds may also provide a welcome boost to the April season.
What Home Sellers Should Know:
Fewer New Listings Entering Market, Supply Stabilizing
Monthly closings so far are holding close to last year’s count, but current contract activity suggests that will improve over the next 4–6 weeks. The condo/townhome market is finally seeing some improvement. After starting off slow, condos under contract have finally pulled ahead of last year by 1.3%. While this is welcome news, unfortunately it remains a tough market for condo sellers, as inventory is 11% higher and sales prices continue to decline.
The Condo Market Explained:
The Single-Family Home Market Explained:
Single-Family Homes Under $400K:
The Luxury Market:
The Bottom Line:
The message for sellers continues to be patience. The housing market is in recovery, but it’s a slow one.
Steadfast Mechanical
Relax, We've Got Your Six....
Services Offered
Steadfast Mechanical provides a wide range of home comfort solutions, including:
54-Point Inspection Tune-Ups | Mini-Split Air Conditioners | New HVAC Systems | Plumbing Solutions | Preventative Maintenance Plans | And MORE!
Supporting Those Who Served Us
Steadfast Mechanical proudly champions the PAW 1st Initiative (Putting America’s Veterans 1st) – a mission-driven program dedicated to improving the lives of veterans. Through this initiative, veterans are paired with trained service dogs that provide companionship, emotional support, and daily assistance. These highly trained dogs are more than companions – they’re life-changing partners that help restore independence and confidence.
