Residential deals closing in September were up a bit over August after several months of declines, according to data from Phoenix REALTORS®. Closings rose 1.2% for the month.
“It is too early to call it a trend but it’s good to see the uptick,” said Sheryl Bowden, Phoenix REALTORS board president. “With three months of interest rate drops coming into fall and the peak sales season approaching, the market may be shifting.”
Since January, residential real estate activity has been marred by high interest rates and a tight inventory for buyers. The data is starting to reflect better news.
New listings increased 13.9% since January compared to the same period in 2023. For September, inventory jumped 42.8% compared to last September. Year-to-date closings were up 3.2%, and the number of days on the market from listing to sale dropped 4.5% to 64 days.
“Prices paid for housing continue to rise,” said Bowden. “Compared to other major markets, Greater Phoenix still offers bargains in single-family homes.”
The median sales price rose 4.2% to $475,000 compared to year-to-date data from 2023. The percent of asking price received has held steady all year at over 98% of the listing price.
Queen Creek saw its median sales price double from around $325,000 in 2020 to $649,000 through September 2024. Year-to-date numbers are up 8.8% from the same period in 2023. While new listings climbed 8% this year compared to last, pending and closed sales year-to-date numbers dropped around 10%. The number of days on the market dropped from 85 to 84.
"When you look at the Greater Phoenix numbers, it’s encouraging,” said Bowden. “Individual cities show mixed results that vary from the market average.”
Learn more about Phoenix REALTORS.
