Greater Phoenix August home sales closed up 4.6% from July and up 2.8% for the first eight months of 2025 in year-over-year comparisons, according to the latest data from Phoenix REALTORS.
Closed sales in the Valley were more than double the national rate. Nationally, sales were up 2% from August 2024 and 0.8% for year-to-date numbers comparing 2025 over 2024.
“August’s numbers reflect that the unique market in Phoenix is outpacing the nation. Summer sales are always soft in this area, so trends above the national average are a good sign in a challenging market,” said Christy Walker, board president of Phoenix REALTORS. “Nationally, home sales often peak in the summer, while it’s our real estate slow season. The fact that our sales increased over national data is encouraging.”
Homes are selling more slowly, with the inventory supply up 23.5% to 4.2 months compared to 3.4 months in August 2024 and 2.3 months in 2023. At the same time, new listings dropped 9.7% compared to the same month last year. The year-to-date comparisons show a 9.4% decrease from 2024. While the overall market declined, some cities posted listing increases.
Pending sales were flat in year-to-date numbers, down 0.7% but down 25.8% in August 2025 compared to last year. Not all submarkets posted sales declines, particularly with healthy increases for some West Valley cities.
“When it comes to home prices, the local market is faring better than the national housing market,” Walker said. “Nationally, there is a 4.6-month inventory. This led to a drop in home prices across the country. However, in the Valley, median home prices for August were flat, and annual numbers showed a slight increase.”
At $475,000, the August median sales price was flat. For the year, there was a slight bump, 0.8% to $480,000 for a closed deal. One number that has remained steady over the past two years is that homes are selling for about 98% of the asking price.
“Depending on the seller’s motivation, they’ll hold firm on the price,” Walker said. “There may, however, be more concessions from a seller than in the past.”
The number of new homes going on the market slipped just under 10% in both monthly and annual change comparisons.
The housing affordability index (HAI) is 70 for August. So far this year, HAI has been generally steady, falling between 68 and 70 in 11 of the past 12 months.
Days on the market increased from 67 to 78 days, a 16.4% increase, for August, and from 64 to 74, a 15.6% increase, for year-over-year numbers.
Phoenix
Closed sales in Phoenix climbed 12.6% compared to last August, and were close to flat, up 1.4%, in the year-over-year comparison. The year-to-date median sales price held steady at $485,000. New listings increased 7% for the year, with pending sales down 2.5%. The month’s supply of inventory increased 19.4% from 3.1 to 3.7 months, but was less than the overall market.
Scottsdale
The median price for a single-family home in Scottsdale, $1.2 million, rose 4.6% in year-over-year comparisons, one of the highest increases for the market. New listings increased 4.5% and pending sales fell 3.4%. The inventory supply stands at 4.2 months.
Gilbert
Gilbert saw increases in closed sales, 4.2%, and bucking the market trend, also saw increases in pending sales, 2.3% and new listings, 15.3%. The inventory is tighter, with a 3.4-month supply compared to the market’s 4.2 months. The median price of a Gilbert home slipped slightly, 1.1%, to a little under $600,000.
Queen Creek
With year-over-year increases in closed sales, new listings and pending sales, Queen Creek outperformed the overall market in August. Closed deals increased 4.7% over 2024. New listings increased 5.9% and pending sales were up 1.6%. The median home price in the town increased 3.5% to nearly $670,000.
Goodyear
The residential real estate market in Goodyear is robust, with closed sales up 27.9% in year-over-year data. Pending sales and new listings were also up significantly, with signed deals up 26.5% and listings up 19.1%. Despite the activity, the median price declined slightly, 1.3%, to $475,000 so far in 2025.
Surprise
With an influx of major new employers in the northwest Valley, Surprise saw new listings jump 18.8%. Closed sales were also up in year-over-year data by 5.7% and pending sales increased 4.9%. The median sales price declined 2% to $430,000. The inventory at 4.4 months was a bit higher than the market’s 4.2-month supply.
