Staff Reports | Dwellings & Multifamily
Greater Phoenix’s single-family housing market maintained year-to-date sales gains through September, but new contract activity slowed sharply during the month. Closed sales fell 4.9% and new listings declined 3.7% compared with September 2025, while pending sales dropped 40.1%.
National closed sales were down 1.2% year over year in September, compared with a 4.9% decline in Greater Phoenix. National inventory rose 5.9% from a year earlier to its highest level in more than 10 years, while Greater Phoenix inventory increased 6.7% despite fewer new listings, according to a press release.
“September often marks the start of increased fall activity, but this year people are navigating more affordability pressure and rate uncertainty,” Phoenix REALTORS board President Sammy Glassman said. “Buyers and sellers are still active, but when rates keep moving, it can cause people to pause before making a major financial decision.”
Year-to-date figures showed a more stable market. Through the first nine months of 2026, closed sales increased 2.9%, while pending sales declined 2.2% and new listings fell 2.1% compared with the same period last year.
The median sales price of a single-family home declined 2.1% year over year in September, from nearly $485,000 to $475,000. The year-to-date median sales price was nearly flat, increasing 0.4% from $480,000 to $482,000. Homes sold slightly faster in September, with days on market declining from 79 to 77. Year to date, days on market increased from 74 to 78.
“Affordability today is often more about the monthly payment than the purchase price alone,” Mr. Glassman said. “Seller concessions can be a strategic tool for both sides. Buyers may use them to buy down their rate or reduce upfront costs, while sellers can use them to help address affordability concerns and compete more effectively, especially when resale homes are being compared with new construction.”
Single-family homes received 98.1% of list price in September, unchanged from last year, as buyers continued to negotiate concessions to address transaction costs.
The housing affordability index declined from 74 in September 2025 to 72 in September 2026. That means the median household income was 72% of the amount necessary to qualify for the median-priced home under prevailing interest rates. Year to date, the affordability index declined 5.3%, from 75 to 71.
Despite fewer new listings in September, inventory of homes for sale increased 6.7%. The months’ supply of inventory reached 4.3 months, compared with four months a year earlier.
Phoenix
Pending sales in Phoenix declined 37.3% in September compared with a year earlier. New listings increased 1.5%, while closed sales declined 4.7%. Homes spent fewer days on market, falling 9.3% from 75 to 68 days. The median sales price declined 3.5% from $502,500 to $485,000.
Scottsdale
Scottsdale recorded a 2.8% increase in new listings and a 2.2% increase in closed sales in September compared with September 2025. Through the first nine months of 2026, closed sales increased 10.6%, while the median sales price rose 5.5% from $1.185 million to $1.25 million. Days on market declined 11.1% from 90 in September 2025 to 80 in September 2026.
Mesa
Mesa closed sales declined 4.3% in September compared with a year earlier but increased 2.7% year to date. New listings fell 13.9% year over year, while pending sales dropped 43.4%. The median sales price declined from $499,000 to $492,500 for the month. Through the first three quarters of 2026, the median sales price decreased from $490,000 to $487,500.
Gilbert
Gilbert closed sales declined 12.5% year over year in September but increased 0.7% year to date. Pending sales fell 45.9% for the month and 3.6% year to date. New listings increased 10.4% in September, resulting in a 0.6% year-to-date increase. The year-to-date median home price increased from $595,000 to $599,000.
Surprise
New listings in Surprise increased 5% in September, compared with a 2.7% year-to-date decline. Pending sales fell 34.6% year over year in September but increased 4.7% year to date. Closed sales declined 9.2% for the month but increased 10.1% through the first three quarters of 2026. The median sales price remained at $430,990 through the first nine months of 2026 compared with the same period last year.
Avondale
Pending sales in Avondale declined 34.9% in September compared with a year earlier, while closed sales fell 17.3% and new listings increased 6.8%. Through the first nine months of 2026, closed sales declined 7.7%, pending sales fell 8.7% and new listings increased 1.4%. The median home price increased 0.3% from $418,000 to $419,190.
