The Phoenix market stayed in balanced territory through September, and for buyers that is a good place to be. The median sales price held essentially flat, active listings kept climbing, and homes sat long enough to genuinely compare before you write an offer. Here is the latest Greater Phoenix data from ARMLS and what it means for your search this fall.
The headline number first: the Greater Phoenix median sales price was $450,000 in September, up about 1.1 percent from August and basically flat year over year, according to ARMLS data. After the seesaw of the last few years, flat is the story buyers should want to hear. It means the home you have been saving toward is not marching out of reach while you wait. If you want the full trend, my early-fall market update covered the August numbers in detail.
Inventory kept growing. Active listings across the metro totaled about 25,200 in September, and months of supply rose to 4.45, the second straight month in the balanced 4 to 6 month range, up from 3.39 back in June. Months of supply is the metric that tells you whether the market favors buyers or sellers, and crossing above four months is the line watchers use to call a market balanced. More homes on the market means more real choices and fewer moments where you feel pushed into a decision.
Homes are sitting longer too. The median time to get a home under contract in Greater Phoenix was about 63 days in September. That is a far cry from the frantic pace of a few years ago, and it gives you something buyers rarely had recently: time. Time to tour a home twice, sleep on it, compare it honestly against the next contender, and write the offer you actually believe in.
Sales volume is settling into a normal seasonal rhythm. There were roughly 5,700 closed sales in the metro in September, down about 7 percent from the same month last year, a slowdown that follows the usual pattern as the calendar turns. It is not a sign of a collapsing market, just a calmer one.
The one number working against buyers right now is the rate. The average 30-year fixed mortgage hit 7.40 percent for the week ending October 15, 2026, according to the Freddie Mac Primary Mortgage Market Survey, up from about 6.3 percent a year earlier. Higher rates keep some buyers on the sidelines, which is part of why inventory is piling up and prices are holding flat. For you, the takeaway is simple: get pre-approved before you shop so you know exactly what your payment looks like at today's rates, and treat the rate as part of the plan, not an afterthought.
So what should you do with all of this? Start with pre-approval, then use the extra time to compare areas with the neighborhood guides and to see what is actually out there on the current listings. When you find the one, the step-by-step buying guide walks you through the offer, inspection, and closing in order. If this is your first home, the first-time buyer hub covers the basics in plain language, and the FAQ page answers the questions people ask before they call.
One more thing worth knowing: rates and inventory can move quickly, so the balanced market you are reading about today could tighten again by spring. If you have been waiting for the right time, the math of flat prices, more choices, and longer days on market is about as close to a buyer-friendly window as this market has offered recently. Reach out and we can run your numbers together. Talk to you soon.
Angie Rivers, The Ralston Team
A Phoenix-area realtor who treats home buying and selling like a family affair: listen first, advocate fiercely, stay in your corner long after closing.
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