The Phoenix market continues to evolve in interesting ways this year. With more homes available, steady prices, and healthy buyer activity, the local data paints a picture of balance and opportunity. Let’s take a closer look at what’s happening across the Valley.
There were 4,642 closings across 19 of 21 business days of September, up 3.4% from last year. That’s a solid sign that buyer activity is holding steady despite higher inventory levels and shifting affordability. The Median Sales Price came in at $457,495, up 2.8% year-over-year. Price growth has definitely cooled from the big jumps of a few years ago, but this kind of slow, steady appreciation is a hallmark of a maturing market. The Contract Ratio (a measure of supply and demand) landed at 31.2. There were 6,766 homes under contract and 21,719 active listings as of September 1st — that’s 25% more listings than a year ago, giving buyers more homes to choose from and slightly more negotiating room.
The rate environment is looking better with rates near year lows and holding. Credit conditions are showing signs of easing with more loans being approved in Conventional and Jumbo categories after months of tighter underwriting. Now with a higher chance of the Fed cutting rates on October 29th this could bring a noticeable boost to the market.
Things feel balanced and confident right now. Buyers are being thoughtful, sellers are pricing strategically, and both sides have opportunities. Let’s have a conversation to position yourself so you’re ready for that moment.