Not every Phoenix home peaked at the same time.
When people ask “how far are prices off the peak,” they’re usually thinking of one number for the whole market. That’s not how it worked here. Each dwelling type in the Phoenix resale market topped out on its own schedule, and the distance back from that top is very different depending on what you’re buying.
The numbers below are from the Cromford Report, August 5, 2026, measuring July 2026 average price per square foot against each type’s own peak month.
| Property type | Peak | Peak $/sq ft | July 2026 $/sq ft | Change |
|---|---|---|---|---|
| Single-family detached | May 2022 | $280.71 | $253.00 | −9.87% |
| Townhouse | May 2022 | $295.20 | $256.35 | −13.16% |
| Apartment-style condo | June 2022 | $337.91 | $261.52 | −22.61% |
| Gemini / twin home | September 2022 | $221.52 | $175.63 | −20.72% |
| Manufactured / mobile | April 2024 | $181.94 | $148.14 | −18.58% |
| Patio home | May 2024 | $322.15 | $268.36 | −16.70% |
Loft and modular are left out — too few closings in July to say anything useful.
Why the headline number looks different. The metro median is running around $450,000 against roughly $480,000 in May 2022. That’s a smaller drop than several of the types above, and the reason is mix: the luxury end has held up and closed in enough volume to pull the median up. The median tells you what sold. It doesn’t tell you what your house did.
What July actually looked like. July in Maricopa is seasonally quiet and this one was quieter than usual. Days on market ran 84 to 85. Roughly 55% of closings had the seller paying some of the buyer’s closing costs. Cromford expects activity to pick back up in October. Rates through this stretch have been in the mid-6s to just under 7%.
What I’d do with this if you’re buying.
Compare to the right type. If you’re buying an apartment-style condo, single-family numbers are not your comp set. That’s a 22.61% gap versus 9.87%.
Get real comps. Same type, same area, recent closings — not a listing site’s estimate.
Price the whole payment. Principal, interest, taxes, insurance, and HOA. On condos and patio homes the HOA line is often what decides whether the payment works.
Ask about concessions. Better than half of July’s closings had the seller helping with costs. If that’s the market you’re shopping, ask for it.
If you already own here and you’re looking at equity rather than a move, a HELOC keeps your first mortgage where it is, and a cash-out refinance replaces it. Different tools. I’ll tell you which one fits.
Want me to run your numbers? Apply when you’re ready, or grab time and we’ll talk it through first.
Original on VOCE: voce.com/@michaelmcdermott/phoenix-home-prices-peak-july-2026-shows-4ansh0
Data: Cromford Report, August 5, 2026.