Realtors: Greater Phoenix housing market holds year-to-date gains through soft August
Metro Creative
August in Greater Phoenix and the West Valley continues to be slow in the housing market, but overall the area outpaced the rest of the country, according to data from Phoenix Realtors.
Closed residential sales were down throughout Greater Phoenix in August, but experts say the dip fits the season as one of the slowest months in Arizona real estate.
Sammy Glassman, board president of Phoenix Realtors, said even with slower buyer activity, fewer sellers entered the market in August, which helped to keep inventory relatively balanced. Months supply of inventory rose only slightly from 3.9 to 4 months, and August closed out with more than 20,000 homes for buyers to consider, she said.
“With that many homes on the market, one would think that it’s not a good time to sell,” Glassman said. “However, even though August was a soft month, over 8,000 homes were in the process of being sold or closed during the month. That’s more than a third of the housing inventory that will be off the market and needs to be replaced with new listings.”
Greater Phoenix and the West Valley overall outpaced the rest of the country, according to data from Phoenix Realtors.
Nationally, home sales dipped 1.7% from the previous month, while year-to-date sales were up 2.4%.
“Looking at the year-to-date numbers, homes are selling in the market,” Glassman said. “As an individual month, however, August showed its traditional summer softness. Sales tend to pick up as we head into fall.”
Here is a breakdown of individual West Valley cities.
Peoria
Glassman said Peoria’s housing market showed an interesting mix of slower sales activity and relatively stable pricing in August, with new listings falling 17.6% year over year, pending sales dropping a more significant 33.9%, and closed sales declining 10.3%.
“The sharp decline in pending sales is worth watching, as it could point to softer closing activity in the coming months if the trend continues,” Glassman said. “At the same time, sellers are not seeing a significant buildup of competition. Inventory is down slightly at 1.2%, and months supply decreased 2.8% to 3.5 months. That suggests Peoria remains relatively balanced despite the slowdown in transactions.”
The median sales price increased 1.9% to $525,000 in August, while the average sales price jumped 11% to $651,778.
Glassman said this pricing continues to be a bright spot for sellers, and the gap may indicate more activity at higher price points or a change in the mix of homes that sold rather than broad-based double-digit appreciation.
“One particularly encouraging statistic is days on market, which declined 7.1% to 78 days, meaning homes that are selling are moving somewhat faster than they were a year ago,” Glassman said. “Overall, Peoria appears to be experiencing lower transaction volume without significant downward pressure on home values or inventory.”
Goodyear
Charles Barrett, Phoenix Realtors member and spokesperson, said Goodyear and Litchfield Park numbers tell him buyers are still paying for homes they believe are worth it, and “sellers aren’t desperate… yet.”
In Goodyear, pending sales are down 24.1% from last August, and new listings are up 8.6%.
“If you are a seller, that’s more competition,” Barrett said. “Homes are also taking about two weeks longer to sell. But the median price is up 1.3%, and sellers are still getting 98.9% of their list price, the exact same as a year ago. Buyers are more selective now. They are still paying for the house they deem ‘worth it,'" Barrett said.
Litchfield Park
Litchfield Park had a soft August, with pending sales down big year over year 58.8%, and the median price down 9.7% from last year.
At first, this looks concerning for a homeowner, but there is something different about Litchfield Park, Barrett said.
“The homes are larger than most homes in Maricopa County, the average closed home has nearly four bedrooms and is 2,700 square feet, and they sit at a higher price point also. A different kind of home means a different kind of seller,” he said.
But Barrett said Litchfield Park sellers aren’t cutting deeper, they’re actually getting a slightly higher share of their list price than last year.
“And almost as many listings expired or were canceled as went under contract,” he said. “That tells me Litchfield Park sellers would like to sell, but they don’t have to. When they don’t get their number, they wait. That doesn’t signal distressed. It seems that the market is patient.”
Surprise
Year-to-date sales activity in Surprise was brisk, according to data from Phoenix Realtors.
Closed sales rose 12.3%, and pending sales were up 7.5%. New listings declined 4.1% compared to numbers through August of last year. Closed sales were down 5.2%, pending sales were down 27.7%, and new listings declined 11.1%. The median price of a home in Surprise was flat at $430,000, and the number of days on the market rose steeply from 79 through the first eight months to 89.
Senior News Editor Philip Haldiman can be reached at phaldiman@iniusa.org, or on X @philiphaldiman. Please submit comments at yourvalley.net/letters or email them to AzOpinions@iniusa.org. We are committed to publishing a wide variety of reader opinions, as long as they meet our Civility Guidelines.
Meet Philip Haldiman is an award-winning journalist who most recently took first place for investigative reporting in 2023 from Arizona Newspapers Association. He joined Independent Newsmedia, Inc., USA, in 2015, covering Sun City West his first year. Since 2016, he has covered the city of Peoria. Prior to coming to INI, he was a reporter with The Arizona Republic for seven years, covering numerous cities throughout the Valley. Before that, he was a freelance writer.
Community: Haldiman spearheads the Peoria Independent Hometown Heroes Awards program, honoring local individuals and businesses that give back to the community. He has hosted local candidate forums over the years and is a member of the Society of Professional Journalists. Haldiman also served as a member of the Journalism Program Community Advisory Board at Glendale Community College. Outside journalism, Haldiman served as a member of the city of Peoria Complete Count Committee for the Census, 2019-2020. Lastly, he has served as a member of his HOA governing board since 2021.
Education: Arizona State University with a BA in Journalism and Mass Communications and a BA in Theater.
Random Fact: Haldiman is a fourth-generation Arizonan as well as wrote and produced an autobiographical comic book about his time spent in Hollywood and his life as a cult film star.
Hobbies: He enjoys hiking Arizona’s mountainous landscapes and is currently working on a play for the stage.
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