Phoenix Housing Market Update: November 2026

As November 2026 begins, the Greater Phoenix housing market is balanced, boring, and quietly full of opportunity. Median prices are roughly flat to slightly down, mortgage rates just eased to 7.32 percent, and home sales are cooling as the holidays approach. Here is what the latest data through late October tells us, and how buyers and sellers can use it.

Prices: Flat, With Some Softening

The Greater Phoenix median sales price was about $445,000 for all property types in September 2026, up 1.14 percent year over year, according to the ARMLS STAT report. The Phoenix REALTORS group pegged the metro median for single-family homes near $485,000 as of this fall, with the year-to-date median at $482,000, up about 0.4 percent.

At the same time, AZ Big Media reported that the September single-family median slipped about 2.1 percent year over year, from roughly $485,000 to about $475,000 in certain trackers, and Zillow's typical-home-value estimate for the metro came in around $440,821, down about 1.1 percent year over year. The honest read: prices are holding in most neighborhoods and softening in pockets, but nothing about the current data suggests a crash. This is normalization, not a slide.

Inventory and Supply: Still a Buyer's Friend

Active listings remain at healthy levels. ARMLS reported about 23,400 active listings in Greater Phoenix in September, while Realtor.com counted roughly 18,400 across the metro. Months of supply sat between 3.9 and 4.3 months depending on the source, right in the balanced-market range that gives buyers room to compare options without the feeding frenzy of a few years ago.

One wrinkle worth watching: new listings have run slightly below last year, down roughly 2.8 to 3.2 percent year to date through August. Supply is healthy today, but if new listings keep trailing, the spring market could feel tighter. For now, buyers still have genuine choices and genuine negotiating power.

Days on Market: Faster Than a Year Ago

Homes are selling at a moderate pace. Realtor.com data showed a median of 62 days on market for the Phoenix-Mesa-Scottsdale metro in September 2026, and some local trackers put the average for homes that sold in October around 50 days, down from the 68 to 75 days a year earlier. That means well-priced, well-presented homes are moving, while overpriced listings sit and quietly force their sellers' hand.

Mortgage Rates: A Welcome Step Down

The average 30-year fixed mortgage rate was 7.32 percent for the week ending October 22, 2026, according to Freddie Mac's Primary Mortgage Market Survey, down from 7.40 percent the prior week and 7.28 percent at the start of October. A year earlier the same survey read 6.19 percent, so rates are still roughly a full point higher than last October, but the recent drift is in the right direction.

For buyers, today's slightly lower rate is worth acting on. With Bankrate's national survey showing about 7.39 percent and the Mortgage Bankers Association around 7.37 percent in late October, locking a rate when you make an offer protects your payment if the numbers tick back up. For sellers, understand that every buyer's monthly payment is the real number being compared, so a rate-conscious, qualified buyer pool rewards homes priced and presented for the current market.

Sales Are Cooling Ahead of the Holidays

The most notable shift this fall is in activity, not prices. Metro home sales were up 5.1 percent year over year through July and 3.8 percent through August, but by late October, Phoenix-area sales were running about 5 percent below last year, according to Zillow, steeper than the roughly 2.5 percent decline nationwide. Pending sales in September fell 7.3 percent month over month and more than 11 percent year over year, hitting the lowest level on record, and the Phoenix Business Journal noted the metro is settling into a seasonal cooldown it called the "new normal."

Builders have responded with record incentive packages, including mortgage rate buydowns, to keep new-home traffic moving, and existing-home sellers face the same reality: buyers are pickier and in no hurry. That is normal for late fall. Most of the Valley simply waits out the holidays and comes back in January, which is exactly why the next six weeks can favor a motivated buyer.

What Buyers Should Do Now

• Get pre-approved before the season slows further. Rates near 7.3 percent make debt-to-income ratios the deciding factor for many loans. Know your number before you shop.
• Consider a rate lock. With rates drifting down from 7.40 to 7.32 percent in recent weeks, locking at offer time protects you if they bounce back, and your lender can explain float-down options if they keep falling.
• Negotiate with confidence. About 50 to 60 days on market, flat prices, and a balanced supply mean requests for closing help, repairs, or a price adjustment are normal conversations, especially on homes that have been listed for a while.
• Look at new construction. Builders are offering some of the strongest incentives of the cycle, including rate buydowns, so compare a new home against resale before you commit.

What Sellers Should Do Now

The single biggest mistake a seller can make this fall is pricing to last spring's comps. This market is flat to slightly down, buyers have options, and homes that linger here are almost always overpriced by more than the market's patience. Price to the most recent 90 days of closed sales in your immediate neighborhood, not to what you hoped for.

Presentation matters more than ever. Strong listing photos, a clean and decluttered home, and a short walkthrough video help your property stand out in a market where buyers are comparing more homes over a longer period. Expect a realistic timeline of 50 to 60 days on market or so, and treat a fair offer on a well-priced home as the win it is.

"A flat, balanced market is not a bad market. It is a market that rewards preparation: buyers who are pre-approved and ready, and sellers who price to today's data and present their home well."

The Takeaway

Greater Phoenix heads into November with prices holding steady, mortgage rates easing, and activity slowing for the holidays. For buyers, that adds up to real leverage and less competition for the next several weeks. For sellers, it means realistic pricing and strong presentation still close deals, just on a more patient timeline. No crash, no boom, just a normal, workable Arizona market, and that is a good place to make a move.