Housing inventory has been falling slowly for the past two months. According to Realtor.com, Phoenix is just behind Miami as the city with the second most delistings month-over-month. Delistings occur when a seller removes an active listing from the market–there can be many reasons, but in our area, it is most likely due to unrealistic pricing expectations. There are currently 23,820 active listings–this represents a 6.5% drop over the past 60 days. The active listings around the county have been on the market for an average of 99 days.
This chart shows the drop in new-to-market listings:
There are currently 7571 pending sales–given that most cities/towns have moved into a flat market or weak buyer’s market, this amount of sales activity is encouraging. There are 491 “coming soon” listings which is not surprising this time of year. When kids go back to school, the market slows up in August and September.
From June 1, 2025 to July 31, there were 14,149 closed sales. Here are some MLS stats for the recently closed sales in the $300K to $700K price range:
- Average days on market: 74
- Average sold price per square foot: $249
- Average list to sale price ratio: .99
Home loan rates have hardly budged and while prices have come down some, there is still an affordability gap. For folks thinking about selling, size up the competition in your area and price range carefully–do everything you can to make sure that your home shows beautifully and is priced very competitively. There are still buyers looking for properties so with the right approach, you can still be successful in this market. The market, generally speaking, will likely remain flat or drop slightly over the next month or two. Thanks for checking out our Phoenix metro real estate report for August 2025.
