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,” stated Sheryl Bowden, Phoenix REALTORS board president, in a press release. “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. 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,” Bowden stated. “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. Percent of asking price received has held steady all year at more than 98% of the listing price.

City-by-city results varied across the metro.

“When you look at the Greater Phoenix numbers, it’s encouraging,” Bowden stated. “Individual cities show mixed results that vary from the market average.”

Glendale  

• New Listings: 267 (+ 8.5%)  

• Pending sales: 128 (- 27.3%)  

• Closed sales: 198 (0.0%)  

• Days on Market Until Sale: 53 (+ 20.5%)  

• Median Sales Price: $438,500 (- 3.0%)  

• Average Sales Price: $489,408 (- 3.0%)  

• Percent of List Price Received: 98.8% (+ 0.2%)  

• Inventory of Homes for Sale: 576 (+ 49.6%)  

• Months Supply of Inventory: 3.1 (+ 63.2%)