The Greater Phoenix Area

Sellers have had a rough year so far, but the last two months have seen their troubles ease a little. Supply dropped again during August, although much less than in July. Active listings without a contract fell 2.2% compared with 6.2% last month. We have a feeling that we are close to the end of this trend, as supply normally starts to grow between Labor Day and Thanksgiving. The sellers that remain in the game must thank those that gave up - cancelled listings were numerous over the last 2 months - 4,737 compared with 3,516 in the same period last year.

Unlike last month, there is also some good news for sellers in the demand numbers. Listings under contract ended the month up 9% compared to the same time last year. Last month they were up only 1%.

Monthly sales were improved too, up 3% compared with last year (better than the 0.8% growth we saw last month). This understates the improvement because we had only 21 working days in August 2025 and 22 in August 2024. A 3% advantage to August 2025, therefore translates to an 8% advantage in closed sales per day.

Buyers get good news in the pricing numbers. Closed listings sold for 2.7% less per square foot last month compared to August 2024.