By admin 
Rising mortgage rates in September further chilled an already frozen Phoenix-area housing market, according to a new Phoenix Realtors report.
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Across the Valley, the median home sold for $475,000. Sales dropped 5% compared to last September and new listings fell nearly 4%. Pending sales took the hardest hit — down 40%.
A city-by-city look at the data reveals a market that is largely stalling, with one notable exception.
Phoenix
In Phoenix, the median home price was $485,000 — down from over half a million a year ago. New listings rose 2%, while sales fell 5%. Pending sales dropped 37%.
Scottsdale
Scottsdale was the one market heating up. Sales climbed 2% and new listings rose 3%. The median price grew from $1.2 million to $1.25 million. At the top of the market, mortgage rates just matter less.
Mesa
Mesa, the Valley’s second most populous city, posted a median of $488,000. Sales were down and pending sales dropped 43%.
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Gilbert
Gilbert, priced at nearly $600,000, saw closed sales fall 13% even as new listings climbed 10% — a sign sellers are still trying. Pending sales plunged 45%, the steepest drop of any city in the report.
Surprise
In the West Valley, Surprise prices held flat compared to last September and remained below the Valley median. Closings fell 9% and pending sales dropped 34%.
Avondale
Avondale was the most affordable city in the report at $419,000, but the market remained frozen. Closings fell 17% and pending sales dropped 35%. New listings edged up slightly.
This story was reported on-air by a journalist and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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