The U.S. typical home value rose 0.8% to $368,720, with mortgage rate hikes slowing growth and some price declines. In the Phoenix-Mesa-Chandler metro, home values vary widely: the most expensive city has a typical value of $3.52 million, up 11.9% in a year and 78.6% over five years. Other cities show mixed trends, with some experiencing slight annual declines but significant five-year gains, reflecting ongoing competitive demand amid limited supply.