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COMMENTARY by Paridhi Saboo
March 2026 had the highest MLS sales volume we’ve seen since May 2023, with total closed listings up about 9% compared to March 2025. Active inventory remained almost flat year-over-year, showing no meaningful change in available supply.
Under contract activity increased by 8%, reaching its highest level for the month of March in the past three years and signaling stronger buyer demand. This increase aligns with the shift in mortgage rates, as 30-year fixed rates in March 2026 were hovering around 6.1% to 6.46%, compared to the 7%+ range during the same time last year. Lower rates compared to last year improved affordability and helped bring some buyers back into the market.
It’s important to note that most of this increase in activity is happening in resale. New construction continues to lose market share, with a 17% decline in sales across Maricopa County year-over-year. Below is a breakdown of overall sales volume by city:
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