Arizona’s real estate market in November is sending a message that both buyers and sellers should pay attention to: sales activity is moving, but not in a uniform direction. Instead, the month revealed a “mixed signals” environment—one that suggests stabilization rather than the dramatic swings we’ve seen in recent years. For anyone buying, selling, or investing in Arizona, understanding this transitional period is key.
The most notable trend is that closed sales have shown modest improvement compared to the previous year. This is important, especially after a period of sustained hesitation driven by affordability challenges, elevated mortgage rates, and a surge in inventory. The increase in closed transactions indicates that motivated buyers are still active, especially those who have been waiting for more choices and less bidding pressure. While not a full market rebound, this uptick signals that demand is holding steady rather than weakening.
At the same time, pending sales are increasing much more slowly. This creates a gap between homes going under contract and those successfully closing. In a balanced market, pending and closed sales usually trend more consistently, so the discrepancy suggests a more cautious buyer pool. While shoppers are touring homes and exploring their options, many are taking longer to make decisions—or waiting to see whether prices or mortgage rates adjust in their favor.
This hesitation is understandable. With inventory nearly doubling in several areas over the past year, buyers have more room to compare properties, negotiate terms, and be selective. Instead of rushing into offers, they are weighing location, condition, and long-term costs more carefully. As a result, contract activity is stable but not accelerating.
On the seller side, these mixed sales indicators are prompting more realistic pricing strategies. Homeowners who price appropriately from day one are seeing activity, especially in attractive neighborhoods or updated homes. However, properties that enter the market overpriced tend to linger, ultimately requiring price cuts before attracting offers. This has contributed to longer days on market, but it has also helped align buyer and seller expectations—another sign the market is normalizing rather than cooling uncontrollably.
New construction is also influencing November’s sales landscape. Builders across the Phoenix metro and surrounding areas continue to draw buyers with incentives such as rate buydowns and closing-cost assistance. These offers are helping some buyers bridge the affordability gap and are contributing to a portion of the increased closed sales. However, resale homes aren’t offering the same incentives, which partially explains why pending sales in the resale market aren’t rising as quickly.
Altogether, November’s mixed sales activity reflects a market finding its footing. Higher inventory and slightly lower price pressure are giving buyers breathing room, while sellers who adapt to current pricing realities can still secure successful closings. Instead of the rapid, unpredictable shifts we’ve experienced in previous years, Arizona now appears to be entering a steadier, more sustainable phase.
BOTTOM LINE
Overall, November’s sales activity in Arizona reflects a housing market that is gradually stabilizing, even amid mixed indicators. While some areas continue to experience slower buyer activity and longer days on market, others are seeing renewed momentum driven by improving affordability and steady listing inventory. This balance suggests the market is finding its footing after several years of rapid shifts, giving both buyers and sellers more predictable conditions to navigate.
For buyers, moderating prices and increased options provide an opportunity to enter the market with greater confidence. For sellers, well-priced and well-prepared homes are still attracting strong interest, especially in desirable communities across the state. As we move toward the end of the year, Arizona’s real estate landscape appears poised for steadier performance, supported by resilient demand and gradual economic improvements. Staying informed and leveraging expert guidance will remain key to making smart moves in this evolving market.
