Real estate

Gilbert housing market holds steady in July, but pending sales plunge

Sammy Glassman is board president for Phoenix Realtors.

Phoenix Realtors

Gilbert’s residential real estate market largely held its ground in July, though a steep drop in pending sales could be a warning sign for the months ahead.

The median sales price was $600,000, virtually unchanged from a year earlier with a 0.2% increase, while 277 homes closed during the month, up 2.6% year over year.

But pending sales fell 43.8% to 144, potentially pointing toward fewer closings in the coming months, according to data from Phoenix Realtors.

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Gilbert housing market holds steady in July, but pending sales plunge

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