T
he Phoenix real estate market showed significant growth in November, with closed residential sales increasing by nearly 14% compared to the same period last year. According to data from Phoenix Realtors, over 4,000 families purchased their next homes during this time, a promising trend for the industry.

    Sheryl Bowden, board president of Phoenix Realtors, attributed the growth to lower interest rates and an increase in housing choices, giving buyers more opportunities than just a few months ago. However, year-to-date comparisons show a slight decrease of 2.5% in pending sales compared to last year's same period.

    The median sales price for single-family homes in greater Phoenix continues to rise, reaching $475,000, up from $460,000 in 2023. Bowden noted that the numbers indicate a shift towards housing affordability, with more area families able to afford a home due to the drop in interest rates.

    The increase in listings has led to over 18,500 homes for sale in the greater Phoenix metropolitan area. Other cities within the region also experienced growth:

    * Phoenix saw a massive 30.6% increase in closed sales in November.

    * Scottsdale reported a modest 4.3% increase in closed sales and a median home price of $1.1 million.

    * Pinal County showed an 18.8% increase in closed sales, with a median home price of $376,000.

    * San Tan Valley experienced a 38.8% increase in listings and a 17.2% jump in closed sales.

    * Surprise saw new listings come onto the market at a rate of 13.7%, but pending sales were flat and closed sales increased by only 3.5%.

    * Tempe reported a median home price of $540,000, up 5% from last year, with pending sales down 1% and closed sales up 1.2%.