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Phoenix home sales were running below recent August norms as September mortgage rates climbed toward 7%, a combination that added pressure to buyers and sellers. But the available figures do not show that rates alone froze the market: sales and price data describe Phoenix city, while the rate benchmarks are national.
What the Phoenix figures show
Metro Phoenix Homes’ September 2026 report, citing ARMLS data, covers Phoenix city sales of single-family homes, patio homes and townhomes priced below $1 million and larger than 1,000 square feet. It is not a measure of the entire Greater Phoenix metro, and the report says readers should ask separately about condos.
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| Measure | Reported result | Comparison |
|---|---|---|
| Homes sold | 671 in August 2026 | 80% of the 2023–2025 August average of 837 |
| Listings | 2,364 at the start of September 2026 | 125% of the 2023–2025 average of 1,885 |
| Average price per square foot | $271 in August 2026 | Unchanged from July 2026 and August 2025; $19 below the May 2022 peak of $292 |
| Inventory turnover and marketing time | 3.5 months of inventory turnover; 66 days on market for sold homes | The report describes slower turnover and longer marketing time |
The report also says sales fell from 906 in April to 671 in August, a 26% decline. The August comparison with other Augusts is more useful for judging the year’s activity than treating a seasonal month-to-month change as a standalone signal. These figures point to subdued sales and more listings than the recent baseline, while the price-per-square-foot measure looks flat rather than sharply lower. Metro Phoenix Homes’ September 2026 Phoenix Housing Market Report.
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Freddie Mac’s national 30-year fixed-rate benchmark reached 6.95% for the week of September 17, 2026, up from 6.76% the prior week. The Associated Press reported that this was the highest level since January 30, 2025. These are national weekly averages, not a quote for a particular Phoenix borrower; an individual rate depends on factors such as loan terms and borrower qualifications. Associated Press’ September 17 report.
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Realtor.com reported a separate national move from 6.66% at the end of August to 7.03% on September 24. It estimated that this change reduced buying power by roughly $11,500 for shoppers holding their budget fixed. That is a national affordability estimate, not a Phoenix-specific calculation or a forecast of local prices. Realtor.com’s September 2026 housing trends report.
Did higher rates cause Phoenix’s slowdown?
The timing is consistent with rates acting as a headwind: higher borrowing costs reduce the amount a buyer can afford at a given monthly payment, which can make some buyers pause, lower their budget or negotiate more cautiously. However, the cited data do not isolate mortgage rates from seasonality, local supply, prices, the mix of financed and cash purchases, or other demand factors. They show rising national rates alongside weaker Phoenix-city sales relative to recent Augusts—not proof that rates alone caused the slowdown.
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Are Phoenix home prices falling?
In the Phoenix-city sample, the August average price per square foot was level with July and the same month a year earlier. It remained below the May 2022 peak, but that peak comparison does not establish a current month-to-month slide. Longer selling times and higher opening listings indicate a less brisk market; they do not, by themselves, mean every home is losing value.
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1Repair Windows errors before they cause bigger problems2Fix the driver behind crashes, sound loss and screen glitches3Clear out junk files and repair common Windows errorsA separate September housing update reports a $445,500 median sales price, down 1.4%, with a 0.7% annual gain. Because the available update does not establish a period and geography that can be reconciled with the Phoenix-city sample, treat it as a separate estimate rather than combining it with the figures above. September Housing Market Update.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What buyers and sellers can take from the data
- Buyers: Compare a home’s total monthly cost at the rate and loan terms actually offered to you, not just the asking price. The national rate benchmarks are context, not personalized loan offers.
- Sellers: A market with more listings than its recent September-opening baseline and longer reported marketing time may require realistic pricing and patience. The report’s Phoenix-city sample does not establish the right price for an individual property.
- Anyone tracking the market: Keep geography, property type and timing consistent. The 671 sales and $271 price-per-square-foot figure describe August; 2,364 listings describes the beginning of September. Do not treat these as measurements from the same date.
FRED hosts a Realtor.com monthly median-days-on-market series for Phoenix-Mesa-Scottsdale, but the cited series page does not provide an exact September observation in the material available here. It should not be used to infer a precise metro-wide September figure. FRED’s Phoenix-Mesa-Scottsdale series.
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