Zillow September Report: Phoenix Typical Home Value Falls to $440,821 as Inventory Rises 4.4% and Sales Drop 5.1%
PHOENIX — Phoenix's housing market continued to cool in September, according to Zillow's latest market report. The typical home value in the Phoenix metropolitan area fell to $440,821, down 1.1% from September 2025 and 0.4% below August 2026. Home sales dropped 5.1% year over year, outpacing the national decline of 2.5%, while the number of homes available for sale rose 4.4% from a year earlier, compared with a 2.5% increase nationally, giving buyers more options.
Nationally, homes took a median of 29 days to go pending in September, two days longer than a year earlier, and 27.4% of active listings took a price cut, up from 26.2% in September 2025. Mortgage rates ended September at 7.28%, their highest level since November 2023, according to Freddie Mac, and the typical monthly mortgage payment nationally reached $1,922 — assuming a 20% down payment and excluding taxes and insurance — up 6.7% from a year earlier.
The rental market was steadier. The typical monthly rent in the Phoenix area reached $1,720 in September, according to the Zillow Observed Rent Index, up 1% from a year earlier and 0.1% from August, below the national pace: typical U.S. rents rose 2.7% year over year to $1,932. Nationally, 39.6% of rental listings on Zillow offered concessions in September, up from 37.4% a year earlier.
Mischa Fisher, chief economist at Zillow, said the national slowdown was predictable given current mortgage rates, while the continued strength of the rental market has been more surprising, adding that buyers on the margins are finding the monthly savings from renting too good to pass up even if their long-run goal is still to purchase a home. Zillow expects national home sales to remain below year-earlier levels through the fourth quarter of 2026, though a decline in mortgage rates could bring both buyers and sellers back to the market.
Source: GSM · USA (original Chinese edition)
Photo: 图：Phoenix 市区天际线与郊区住宅区全景（资料图）。图片来源：Alan Stark 摄，CC BY-SA 2.0，经 Wikimedia Commons。Photo: Panorama of the Phoenix skyline and suburban neighborhoods (file photo). Source: Alan Stark, CC BY-SA 2.0, via Wikimedia Commons.
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