Amid decreased sales, both the median and average sales prices increased in November, according to the latest Market Update from Phoenix REALTORS®.

The median sales price in Maricopa County rose 5.9% to $500,000, up from $472,000 in November 2022. Meanwhile, the average sales price jumped 8.2% to $666,154, up from $615,492. Year-to-date, however, both the median and average sales price are down slightly from 2022 prices.

Both pending and closed sales fell during the month. The number of listings under contract decreased by 33.8% year over year, while the number of home sales fell 7.7% with 2,941 closings during the month.

Despite decreased sales, days on market also decreased by 13.6% to 51 days. Months of inventory supply dropped 3.4% to 2.8 months, down from 2.9 months a year prior.