Both pending and closed sales fell in Maricopa County during September, according to the latest market update from Phoenix REALTORS®.

Closings decreased by 17.4% year over year, with 3,402 homes sold compared to 4,119 in September 2022. Pending sales fell by a larger margin of 34.3%, with 2,262 homes going under contract compared to 3,445 a year ago.

New listings, meanwhile, fell 28% as Realtors entered 4,455 new properties into the Multiple Listing Service (MLS) during the month. That wasn’t enough to replenish area inventory, which decreased by 39.1% year over year.

Months of supply to shrank by 20.7% to 2.3 months, while average days on market rose 8.7%% to 50 days, up from 46 days in September 2022.

Sales prices also increased annually, with the average sales price rising 5.7% to $655,032. Close-to-list price ratio increased by 0.9% to 98.7%, meaning the typical home sale was just 1.3% below asking price.

Editor’s note: A version of this article was erroneously published with the title “Closed, pending sales rise in Phoenix area.”