Agents from Silverleaf Realty were hard at work listing the priciest homes in Arizona during the past month.

The median price of a new home sold during the month fell to $418,800 from $433,100 in August, the U.S. Census Bureau and the U.S. Department of Housing and Urban Development reported. 

Arizona’s population grew by 1.3% between 2021 and 2022 — that’s the eighth-fastest rate of growth in the country.

The median existing-home price for all housing types in September was $394,300, up 2.8% from $383,500 in September 2022.   

Specifically, single-family homes were built at a seasonally adjusted annual rate of 963,000, up 3.2% from 933,000 in August and up 8.6% from 887,000 a year earlier, according to government figures. 

A 15% rise in applications for adjustable-rate mortgages drove overall mortgage applications higher in the most recent weekly survey. 

Paradise Valley and Scottsdale top the list of the most expensive new listings in Arizona yet again.

Housing affordability has worsened in many parts of the country as wages fail to grow at the same pace as home prices — but Maricopa County is one area where wage increases are outpacing price increases.

Point2Homes analyzed listings in every U.S. state and Washington, D.C. to determine the most expensive home for sale in each.

Regionally, pending sales were down across the board on both a monthly and an annual basis, the National Association of REALTORS® said. 

Total housing inventory at the end of August was 1.11 million units, up 3.7% from July but down 14.6% on a year-over-year basis, the National Association of REALTORS® said. 

CoreLogic expects prices to continue to grow through next year, albeit at a more traditional pace than in the height of the pandemic. 

Nine of the 10 most expensive new listings in the state of Arizona are located in Paradise Valley — including a luxury new home with a $50 million price tag.

Pending transactions were in negative territory for most of this year, so the recent increases could bode well for future activity. 

A fifth consecutive month of increases in the S&P CoreLogic Case-Shiller U.S. National Home Price Index suggests the housing market recovery that began earlier this year is likely to continue. 

Two weeks after housing inventory turned negative, home prices posted a healthy increase, MarketNsight said.