Although Maricopa County saw a double-digit increase in closings during September, pending-home sales took a nosedive during the month, according to the latest data from Phoenix REALTORS®.

Homebuyers purchased 3,903 properties during the month, a 12.9% year-over-year increase. However, pending sales dropped 31.4% year over year, with 2,482 homes going under contract.

“Closed sales were comfortably up last month compared to September last year,” said Christy Walker, president of Phoenix REALTORS®. “While this is an encouraging sign, the rebound we saw in September may slow this month as higher interest rates and the ongoing government shutdown weigh on activity.”

New listings also declined, although active inventory rose: Realtors added 5,167 homes to the MLS, an 8.6% annual decrease, but active listings rose 18.8%, with over 15,000 Maricopa County homes on the market. Days on market jumped 21.9% year over year to 78 days.

Given the rate of sales, the county had a 3.9-month inventory in September, up 14.7% from a year prior.

Both the median and average sales price ticked higher during the month. The median rose 2% to $510,000, while the average rose 2.4% to $678,528. The close-to-list price ratio fell 0.4%, however, with the typical seller receiving 98% of the list price.

“With only a few months left in 2025, we’ve seen great progress from 2024’s market, even with the challenges we may see in the next month or so,” Walker added. “We’re optimistic that the market will continue to regain its footing and balance out as we head into 2026.”