Rising mortgage rates in September further chilled an already frozen Phoenix-area housing market, according to a new Phoenix Realtors report.
Do you have a concern in your community or a news tip? We want to hear from you!
Connect with us: share@abc15.com
Across the Valley, the median home sold for $475,000. Sales dropped 5% compared to last September and new listings fell nearly 4%. Pending sales took the hardest hit — down 40%.
A city-by-city look at the data reveals a market that is largely stalling, with one notable exception.
Phoenix
In Phoenix, the median home price was $485,000 — down from over half a million a year ago. New listings rose 2%, while sales fell 5%. Pending sales dropped 37%.
Scottsdale
Scottsdale was the one market heating up. Sales climbed 2% and new listings rose 3%. The median price grew from $1.2 million to $1.25 million. At the top of the market, mortgage rates just matter less.
Mesa
Mesa, the Valley's second most populous city, posted a median of $488,000. Sales were down and pending sales dropped 43%.
Gilbert
Gilbert, priced at nearly $600,000, saw closed sales fall 13% even as new listings climbed 10% — a sign sellers are still trying. Pending sales plunged 45%, the steepest drop of any city in the report.
Surprise
In the West Valley, Surprise prices held flat compared to last September and remained below the Valley median. Closings fell 9% and pending sales dropped 34%.
Avondale
Avondale was the most affordable city in the report at $419,000, but the market remained frozen. Closings fell 17% and pending sales dropped 35%. New listings edged up slightly.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
Want more news in your community? Add ABC15 as a preferred source on Google below:
