Despite a sharp decline in new listings, inventory continued to grow in Maricopa County in November, according to the latest data from Phoenix REALTORS®.

Realtors added 3,966 properties to the MLS — a 10.8% year-over-year decline — bringing total active inventory to 14,793 properties, up 11.4% year over year.

Closings increased 5.1%, with 3,467 homes sold, while pending sales plummeted 27.6%, with 2,317 listings going under contract. Homes stayed on the market for an average of 76 days, up from 64 days a year prior.

Given that rate of sales, the county had a 3.8-month inventory in November, up 8.6% from November 2024.

“Closings typically drop as we head into the holiday season, but this November saw a higher number of closed sales than both the prior year and in 2023,” Christy Walker, board president of Phoenix REALTORS®, said in a press release.

Walker attributed that sales growth to a surge of new business activity across the area.

“Companies that announced expansions a year or two ago are now hiring and recruiting beyond Arizona, drawing newcomers who are eager to secure their next home as they relocate,” she explained.

Pricing was steady in November, with the median sales price decreasing 1% to $500,000 and the average inclining 1.9% to $681,691. The close-to-list price ratio ticked 0.4% lower, with typical sellers receiving 98% of their asking price.

Furthermore, the Housing Affordability Index increased 4.4% to 71, the highest mark this year, meaning mortgage affordability is improving for Phoenix-area residents.

“With the Phoenix market once again outperforming national trends, we’re seeing encouraging momentum as we head into 2026,” Walker said. “The new year is shaping up to offer promising opportunities for the local market, particularly for buyers, thanks to the rapid increase of inventory we’ve seen over the last year.”