November 2025 Regional Phoenix Monthly Housing Report
- Ron Wilczek
- Nov 2
- 6 min read
Updated: Nov 3
NOTE: The Federal Open Market Committee (FOMC) lowered the prime lending rate .25% on October 29th. The Chicago Mercantile Exchange, a major financial derivatives exchange, projects another .25% cut on December 10th with a 69.3% certainty. Further cuts will bring more buyers back into the market.
This report covers the entire Phoenix Metropolitan Area in Maricopa and Pinal Counties. The other areas of the state, such as Tucson, Flagstaff, Sedona, and etc., are not included. You can also view my city specific reports.
This report is compiled monthly with data taken from the Arizona Regional MLS and compares short-term performance as well as longer-term performance. My reports are factual, and any opinions are stated as mine.
In my opinion, we're still in a strong buyer's market because home prices are significantly lower now than at the start of the year, high inventory, lower than normal home sales during 2025, and a -$15,773 gap between listing and sales prices in October. Details follow below.
There are currently 4.1 times more sellers than buyers. The facts: 22,545 listings to start November divided by 5,552 sales in October. As a comparison:
September - 3.9 | August - 3.7 | July - 3.6 | June - 3.5 |
May - 3.4 | April - 3.4 | March - 4.0 | February - 4.6 |
Home Sales
There were 5,552 home sales in October, down -37 from the 5,589 sales in September. October's sales were:
-37 lower than September (0.7%)
138 higher than the 5,414 sales in October 2024 (+2.5%)
93% of the 3 year average of 5,984 monthly sales (2022-2024)
To see a longer term history, click on my Monthly Sales Chart.
As a point of reference, monthly home sales averaged 8,724 in the "12-months before" interest rates started increasing in March of 2022.
The good news is that sales are trending up on a year-to-year basis. However, sales will seasonally slow down through the rest of the year. The housing industry desperately needs further reductions in mortgage rates to stimulate sales.
Inventory
November 2025 began with 22,545 listings. Additionally, the total rise in inventory from the start of 2025 is 4,388 homes. November's 22,545 listings are:
+1,261 more the October (+5.9%)
+3,223 more than the 19,322 listings in October 2024 (+16.7%)
171% of the 3-year average listings of 13,186 (2022-2024)
Distressed property listings (bank owned homes, auctions, and short sales) are on the rise. November 2025 started with 292 distressed listings compared to the 130 from October 2024 (+125%). A discussion of distressed sales is later in this report.
View my longer-term chart for Housing Inventory.
As a point of reference, monthly home listings averaged 5,093 in the "12-months before" interest rates started increasing in March of 2022.
Higher inventory remains in the favor of buyers who have more choices. Buyers also have more opportunity to negotiate lower prices and obtain seller concessions.
Price-Per Square Foot (PPSF)
PPSF continued September's $8.09 rebound with another $4.16 increase in October. October's $291.65 was:
+$4.16 more than September
+$0.57 more than October 2024 (yes, that's 57 cents)
99% of the 2024 average price of $295.02
lower than the $316.66 from January 2025
Click here for a longer-term Price History.
Price-per square foot is an ideal measurement of home values because it takes into consideration the size of sold homes. Median price does not.
NOTE: prices vary by neighborhood, so this overall average should not be used for any specific home. Contact me if you want information on your home's value.
Month | Price-Per Square Foot |
|---|---|
October '25 | $291.65 |
September '25 | $287.49 |
August '25 | $279.40 |
July '25 | $285.88 |
June '25 | $296.65 |
May '25 | $291.42 |
April '25 | $301.14 |
March '25 | $310.97 |
February '25 | $313.85 |
January '25 | $316.66 |
December '24 | $304.82 |
November '24 | $292.14 |
October '24 | $291.08 |
September '24 | $285.72 |
August '24 | $289.18 |
July '24 | $286.58 |
June '24 | $296.29 |
May '24 | $298.41 |
List vs Sales Price
This is an interesting category you might not find any other place. It's a really good indicator of market conditions. In a seller's market, homes will sell for more than list/asking price. Conversely, homes will sell for less than list price in a buyer's market.
As a point of reference, homes were selling for +$10,100 more than list price in April '22 when we were still in a seller's market and before the effect of increased mortgage rates.
This table shows "All Sales" and the price range of "$300K - $600K." I wanted to show both because the range of "$300K - $600K" generally accounts for 60% of all sales. It's a contrast to all sales within the Greater Phoenix Area.
+/- Difference Between List & Sales Price
Month | $300K - $600K | All Sales |
|---|---|---|
Oct '25 | -$6,952 | -$15,733 |
Sep '25 | -$6,524 | -$15,593 |
Aug '25 | -$7,127 | $-15,924 |
Jul '25 | -$6,994 | -$16,218 |
Jun '25 | -$6,420 | -$18,092 |
May '25 | -$6,162 | -$14,926 |
Apr '25 | -$5,938 | -$14,718 |
Mar '25 | -$6,226 | -$15,778 |
Feb '25 | -$6,587 | -$14,821 |
Jan '25 | -$7,342 | $-18,092 |
Dec '24 | -$6,737 | -$16,731 |
Nov '24 | -$5,399 | -$12,544 |
Oct '24 | -$5,924 | -$13,297 |
Sept '24 | -$5,880 | -$13,101 |
Aug '24 | -$5,906 | -$13,109 |
Jul '24 | -$4,988 | -$13,856 |
Jun '24 | -$5,585 | -$13,745 |
May '24 | -$5,336 | -$12,982 |
Apr '24 | -$5,163 | -$13,350 |
Mar '24 | -$5,486 | -$12,359 |
Feb '24 | -$6,163 | -$12,136 |
Jan '24 | -$7,174 | -$14,844 |
FOMC Interest Rate Changes
*** The next FOMC rate announcement is December 10th. Lowering the prime lending rate for a 3rd time this year will make an impact on the housing market. ***
The dramatic change from a seller's market to a buyer's market began when the Federal Open Market Committee (FOMC), a division of the Federal Reserve that sets monetary policy, increased the prime lending rate to combat inflation. Financial institutions add a margin to the prime rate to set the final interest rate for all loan products, including mortgages.
To date there have been 11 rate increases and 5 decreases. The net affect is a 3.75% increase in the prime rate over a 44 month time span. As a result, mortgage rates reached as high as 7% in early 2025.
I personally feel a reduction in actual mortgage rates to a range of 5.0 - 5.5% in the next 6-12 months would be a win for consumers. It would allow more buyers into the market and create opportunities to refinance higher rate mortgage loans.
Here is the history:
.25% in March '22
.50% in May '22(which was the largest since 2000)
.75% in June '22 (the largest increase since 1994)
.75% in July '22
.75% in September '22
.75% in November '22
.50% in December '22
.25% in February '23
.25% in March '23
.25% in May '23
.25% in July '23
-.50% in September '24
-.25% in November '24
-.25% in December '24
.-25% in September 2025
-.25% in October 2025
Days on Market
This is another indicator of where the market stands. Low days to sale generally happen in a seller's market and higher days generally happen in a buyer's market. We were in a seller's market before the interest rate increases, and it took about 30-days from listing a home to when it closed escrow. Access my longer term chart for Days on Market.
Month | Days to Sale |
|---|---|
October '25 | 80 |
September '25 | 79 |
August '25 | 80 |
July '25 | 77 |
June '25 | 74 |
May '25 | 72 |
April '25 | 72 |
March '25 | 74 |
February '25 | 76 |
January '25 | 78 |
December '24 | 73 |
November '24 | 68 |
October '24 | 69 |
September '24 | 68 |
August '24 | 68 |
July '24 | 63 |
June '24 | 63 |
Distressed Properties
50 was the total for October. I define distressed properties as bank owned homes, auctions, and short sales. They disappear when mortgage companies maintain strict lending policies, don't provide borrowers with risky loans, and homeowners make enough money to pay their mortgages.
Distressed properties have been a non-factor for a long time. Click here for my longer-term chart on Distressed Sales. Here are a couple quick facts about distressed properties:
they peaked in March of 2009 at 75.9% of total sales
went under 50% of total sales in March 2012
went under 25% of total sales in April 2013
went under 10% in February 2015
have stayed under 1% since February 2020
Month | Distressed Property Sales |
|---|---|
October | 50 |
September '25 | 41 |
August '25 | 38 |
Jul '25 | 36 |
June '25 | 21 |
May '25 | 31 |
April '25 | 18 |
March '25 | 25 |
February '25 | 33 |
January '25 | 22 |
December '24 | 33 |
November '24 | 23 |
October '24 | 25 |
September '24 | 20 |
August '24 | 22 |
July '24 | 26 |
June '24 | 18 |
Ron Wilczek has been tracking and writing about Greater Phoenix Real Estate Market since 2008. He's been a Realtor since 1999 and the broker of Metro Phoenix Homes since 2009. |
