Median pricing on single-family homes and condominiums both dropped for the fourth straight month in September, Arizona Regional MLS data shows.

Single-family homes had a median sale price of $470,000 in September, down from $475,000 the previous month and from its peak of $510,000 in May. Until then, Median pricing on detached single-family homes had grown consistently, by roughly $5,000 to $15,000 per month, since May 2020 when it was $311,000.

The median condo sale price followed a similar trend line, dropping to $325,000 in September compared to $339,950 the previous month and from its peak of $365,000 in May.

“With the wild ride Arizona has seen over the past year, we’re finally seeing the market normalizing,” Andrea Crouch, board president of Phoenix REALTORS, said in a news release. “Prices are still strong, and increased inventory is giving buyers more options than they have had in recent months.”

Closed sales increased in September by 130 homes from the previous month but were down year over year by 32.2%. Average days on the market have increased to 47 in September from 29 in the same month last year.

Housing inventory has tripled since September 2021, which is helpful for both buyers and sellers, Crouch said. 

“Both sellers and buyers are getting some much-needed breathing room from the chaos we were seeing earlier this year,” said Crouch. “Sellers are now having the opportunity to thoughtfully assess a more reasonable, and realistic, number of offers, while buyers are being spared from having to make what were often on-the-spot, snap decisions with their Realtors.”