Greater Phoenix’s single-family housing market held onto year-to-date sales gains through September, but the month brought a sharper slowdown in new contract activity, according to data from Phoenix REALTORS. Closed sales dropped 4.9%, and new listings dropped 3.7% in September this year compared to last year, but pending sales plummeted 40.1%.
Year over year, national closed sales were down 1.2% in September, and Greater Phoenix was down 4.9% for the month. Nationally, inventory of homes for sale rose to its highest level in more than 10 years, up 5.9% from last year, according to the data. In the local region, inventory rose 6.7% despite fewer new listings hitting the market.
“September often marks the start of increased fall activity, but this year people are navigating more affordability pressure and rate uncertainty,” said Sammy Glassman, board president of Phoenix REALTORS. “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 trends tend to smooth out the statistical highs and lows, and compared to last year’s numbers, the first nine months are pretty close to even. Year-to-date closed sales rose 2.9% while pending sales dropped 2.2% compared to last year. New listings were down 2.1%.
The median sales price of a single-family home slipped 2.1% year over year in September from nearly $485,000 to $475,000. The year-to-date median sales price was essentially flat, rising from $480,000 to $482,000, up 0.4%. Homes sold slightly faster in September, with days on the market dropping from 79 to 77. Year to date, that number rose from 74 to 78 days.
“Affordability today is often more about the monthly payment than the purchase price alone,” 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, even as buyers continued to negotiate concessions to help address the overall cost of the transaction.
The housing affordability index also dropped slightly in September from 74 last year to 72, reflecting continued affordability challenges for buyers. This means the median household income was 72% of what was necessary to qualify for the median-priced home under prevailing interest rates. In year-to-date comparisons, the affordability index dropped from 75 to 71, down 5.3%.
Even with fewer new listings in September, the inventory of homes for sale increased 6.7%, with the months supply at 4.3 months, compared to four months last year.
In year-over-year comparisons, Phoenix followed the overall market trend, with pending sales down 37.3% compared to 2025. New listings were up 1.5%, but closed sales dropped 4.7%. The number of days homes were sitting on the market declined significantly, from 75 to 68 days, a drop of 9.3%. The median sales price of a Phoenix home dropped from $502,500 to $485,000, down 3.5%.
Scottsdale saw a 2.8% increase in new listings and a 2.2% increase in closed sales in September 2026 compared to 2025. Year-to-date, Scottsdale’s closed sales were up 10.6% for the first nine months of the year, and the median price rose 5.5% from $1.185 million to $1.25 million. Homes moved faster in September, with the number of days on the market dropping 11.1% from 90 in September 2025 to 80 this year.
Mesa saw closed sales decline 4.3% in September 2026 versus last year, while rising 2.7% year to date. New listings dropped 13.9% year over year, and pending sales fell 43.4% in the same period. The median sales price of a home in Mesa declined slightly from $499,000 to $492,500 during the month. For the first three quarters of 2026, the median sales price declined from $490,000 to $487,500.
In year-over-year data for Gilbert, closed sales dropped 12.5% while rising slightly (0.7%) year to date. Pending sales dropped 45.9% in September, compared with a 3.6% year-to-date decline. New listings rose 10.4% for the month, resulting in a 0.6% year-to-date increase from 2025. The median home price increased slightly from $595,000 to $599,000 year-to-date.
In September, new listings rose 5% in Surprise, up from a 2.7% year-to-date decline. While pending sales dropped 34.6% from last year, they rose 4.7% year-to-date. Closed sales fell 9.2% in September from 2025 but rose 10.1% for the first three quarters of 2026 compared to the same period last year. The median sales price of a Surprise home held steady at $430,990 over the first nine months of 2026 compared to the same period last year.
Pending sales in Avondale dropped 34.9% in September compared to last year; closed sales fell 17.3% for the month, while new listings rose 6.8%. Comparing the first nine months of 2026 to 2025, closed sales were down 7.7%, pending sales were down 8.7%, and new listings rose 1.4%. The median home price in Avondale was steady, up 0.3% from $418,000 to $419,190.
