Oct 7, 2026 · By: Nate Tanner

Phoenix: close to a balanced market

The supply of homes is going up in Phoenix

According to Cromford Report data, supply in the City of Phoenix rose 8.5% in a single month, and the market index moved to just above what's considered a perfectly balanced market between buyers and sellers. Homes are now sitting on the market for a median of 49 days, with about 4 months of supply available — up from 3.4 months last month and 3.2 months a year ago.

Prices are steady

Phoenix prices are not falling, like some parts of the country. The annual median price is $485,000, essentially flat compared with $480,750 a year ago. What's changed is choice and pace, not value. Metro-wide listing counts (Phoenix-Mesa-Scottsdale) rose in September, to 18,437 from 17,707 in August, continuing a rebound from the summer lull.

Why is the supply increasing?

Let's be plain about the cause: mortgage rates climbed to their highest level since late 2023 this fall, pushing many buyers to the sidelines. That's a big part of why sellers are cutting prices and offering more room to negotiate. Rates eased slightly this week — the average 30-year fixed rate ticked down to 7.34% — but forecasters still expect rates to stay above 7% through the end of the year.

Phoenix: close to a balanced market

The supply of homes is going up in Phoenix

Prices are steady

Why is the supply increasing?

Sources