October NAR Housing Data

The latest data from the National Association of Realtors (NAR) shows decent movement in Arizona’s housing market this October, with an upswing in both listing and sales volumes alongside a steady increase in median sale prices.

Listings and Sales on the Rise

Listing volume is up by 23.7% year-over-year, reaching 37,611 properties, which also reflects a rise from September's numbers. This increase in available homes signals more choices for buyers, and it's likely contributing to the current market dynamics.

Sales volume has similarly increased, with 7,659 properties sold in October—a 9% boost from last year. With this uptick, buyers are moving forward on more properties, even as they weigh options in a market leaning in their favor.

Median Sales Price Hits a New High

The median statewide sales price hit $439,000, marking a 2.1% increase from last October. This moderate rise indicates sustained buyer interest without much in the way of price hikes, which may be keeping the market accessible for a wider range of buyers.

Inventory Levels Indicate a Growing Buyer’s Market

Inventory levels are showing a 29.5% increase from last year, with a current average of 4.87 months' supply across all price points. Given that 3.5 months of inventory typically signifies a balanced market in Arizona, this shift points to a buyer’s market—especially for higher-end properties. Homes priced over $750,000 are now seeing 6.1 months or more of inventory, while the $2-million-plus ultra-luxury listings sit at 10 months of inventory, making these segments particularly advantageous for buyers seeking luxury homes with favorable negotiating power.

Bottom Line

The October numbers clearly suggest a buyer-friendly environment, providing those in the market with increased inventory and, at certain price points, more leverage. For those considering entering the Arizona market, now might be an opportune moment to explore options and lock in a home that meets their needs.