Closed home sales increased 5% year over year in Maricopa County in August, according to the latest data from Phoenix REALTORS®.

Buyers purchased 3,728 homes, up from 3,552 closings during August 2024. Pending listings, however, dove 25.1% with 2,645 listings going under contract, down from 3,530 a year prior.

In the city of Phoenix, closings rose 12.6%, and pending sales fell 1.4%.

Despite the dip in pending sales, Phoenix REALTORS® President Christy Walker says the Phoenix market is performing better than the national average.

“August’s numbers reflect that the unique market in Phoenix is outpacing the nation,” Walker said in a press release. “Summer sales are always soft in this area, so trends above the national average are a good sign in a challenging market.”

Active listings rose 24.2%, with 14,596 homes on the market, despite the fact that new listings dropped 12.4% annually, with 4,722 homes added to the MLS, down from 5,393 new listings last August.

The typical home sold in 76 days, up 18.8% year over year. Given the rate of sales, the county had a 3.8-month inventory in August, also up 18.8% year over year.

The median sales price declined 1.1% to $500,000, while the average sales price declined 4.8% to $647,783.

Walker added that while seller concessions may increase as buyers continue to gain leverage in the local market, sellers aren’t likely to budge on price unless they’re very motivated.