Inventory and median pricing surged year over year, according to the latest Arizona Regional MLS data. 

More than 20,600 homes were on the market in August, compared to 8,700 during the same month in 2021. The median sale price among all residential properties climbed to $453,000 in August. It was $410,000 in August 2021.

“From soaring prices and limited inventory of a few months ago, August data is still showing a strong, albeit right-sizing, market,” said Andrea Crouch, board president of Phoenix REALTORS. “While prices may be leveling off, home sellers will still be capitalizing on sales, as they are only down 3.3% from August last year.” 

Closed and pending sales are down year over year, reflecting a slowdown in the market overall. Closed sales were down 31.1% in August compared to the same month last year. Pending sales dipped 50.4% year over year. 

“We’re seeing that, on average, homes are also staying on the market seven days longer in August than in July, which is allowing homebuyers a little breathing room to find the right home for their needs, while also alleviating pressures on sellers who would be forced to review dozens of offers in a relatively short amount of time,” Crouch said.