Both pending and closed home sales declined in Maricopa County last month, according to the latest market update from Phoenix REALTORS®.

Closings fell 6.8%, with 3,104 sales compared to 3,330 in December 2022. Pending sales declined by a much larger margin of 30.3%, with 1,999 listings going under contract compared to 2,967 a year prior. For the year, closed and pending sales were down 16.6% and 15.1%, respectively.

New and active inventory also saw declines during the month. Realtors entered 2,803 new listings into the MLS, a 7.8% decrease year over year. Meanwhile, active inventory decreased by 17.7% with 9,610 homes on the market in December. Months of inventory remained stagnant month over month at a 2.6-month supply.

Amid decreased sales activity, both the median and average sales price increased in Maricopa County. The median sales price increased 6.3% to $486,995, while the average sales price jumped 9.9% to $660,507.

However, both the median and average prices for the entire year were lower than they were in 2022: The median sales price decreased by 4%, falling from $506,000 in 2022 to $485,995 in 2023; the average sales price dropped 0.6%, decreasing from $654,803 in 2022 to $651,151 in 2023.

Sellers also received an increased proportion of the list price in December, with the close-to-list price ratio increasing by 1.2% to 98.1%. That means the typical seller received over 98% of their original asking price.