Phoenix residential real estate activity held its own in July, according to data from Phoenix REALTORS®. 

In year-to-date data, closed sales were up 1.8% over 2024 and down just a fraction, 0.3%, since June’s report. New listings continue to grow in year-over-year comparisons, up 11.3% over the same period last year. Since June, new listings have also dipped by 0.3%. 

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Pending sales dropped 27.3% in month-over-month comparisons and 1.8% in a year-over-year look at the numbers. July’s data brings the number of pending sales, 3,323 homes, to the lowest mark since December 2007.

“National economic uncertainty makes it tough to try and find a trend in the numbers,” said Christy Walker, board president of Phoenix REALTORS. “The market has a lot of opportunities and mortgage rates have stabilized, but it’s taking longer to sell a home.”

The number of days the typical home sat on the market increased by 11 days in July’s month-over-month data and by nine days in the year-to-date comparison. That July increase is the greatest number of days since March 2012.

Greater Phoenix posted better stats than the national averages, which dropped 2.7% in July from a month earlier. Regionally, home sales in the West increased, while the rest of the nation saw various dips from the prior month.

Median home prices in the metro dropped slightly, down 0.6% to $470,000, the same as the national median. Year-to-date, in the metro, the median was up 0.4% over 2024 to $480,000.

The housing affordability index held steady at 69 in July over June, and dropped again, 1.4% to 68 in year-to-date numbers.

“There are now nearly 21,000 homes on the market in Greater Phoenix,” said Walker. “This means a wider selection for buyers, making it their market. July is typically slow, and pending sales reflected that with a 27.3% drop in July from June.”

Phoenix residential real estate market overview

Comparing seven months of the Phoenix residential real estate market in 2025 with 2024, pending sales are down just 1.8%. The current inventory stands at 4.3 months — up 30.3% since June 30.

Phoenix

The median sales price remained at $475,000 in July compared to June, potentially caused by a 5.6% decline in home sales between the two months. Pending sales plummeted 30.5%, but days on the market were nominally better than the overall metro area.

Scottsdale

Scottsdale saw month-over-month sale prices drop 3.6% to $1.12 million from $1.16 million in June. Days on the market were steady at 86. Closed sales slid 9.4% and pending sales plummeted 27.5% between the two months.

Mesa

Median home prices rose slightly in Mesa to $480,000 from $475,000 a month earlier. Closed sales rose 2.4% but pending sales plunged 25.5% from June. The number of days on the market climbed 40.8% to 69 days from 49 in June.

Chandler

Residential closings in Chandler increased by 5.7% in July compared to June, with the median price rising by nearly a percent to $575,000. Like other cities in the metro, pending sales dropped significantly, down 27.4%.

Peoria

In the northwest Valley, Peoria’s median home price dropped 8.6% to $493,500 in July from $540,000 in June. Closed sales also fell, 5.8%, with pending sales down 28.4% over June. Houses were sitting on the market for 80 days, up from 66 in June.

Buckeye

In the far west Valley, Buckeye saw a dramatic drop in pending sales, more than any other major city, at 31.1%. Closed sales were down 2.2% in July. Even so, the median sales price increased a little, 1.5% to $409,995.

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