Happy Tuesday, friends!

Big momentum this week across the Valley. From new master plans in Eloy and Gilbert to major economic development news in Mesa, Avondale and Buckeye, the region is closing out the year with some big swings.
Housing data is also giving us clearer signals about how the first quarter of 2026 may look, with improving demand and friendlier mortgage rates. Let’s jump in.

The Recap

This was a full week of headlines that point to long term growth. Mesa took a major step toward transforming the old Fiesta Mall site into an entertainment centric district with the formation of the Palo District. Eloy is weighing a 310 acre mixed use area to expand jobs and housing. Gilbert is reviewing one of its most ambitious community proposals in years, and Avondale locked in a tech focused employment hub.

The West Valley made one of its biggest moves yet with the official opening of Teravalis in Buckeye, a milestone decades in the making that will shape the region for generations. At the same time, housing data across Greater Phoenix continues to strengthen as supply softens, rates ease and pending contracts rise.

Momentum is pointed in a positive direction as we approach year end.

Check current mortgage rates
_{Mortgage rates vary based on individual qualifications, including credit score, loan type, and lender policies. For a personalized rate estimate, it’s best to consult with a lender.}

News & Developments

⚡ Eloy Considers 310 Acre Mixed Use Plan
Eloy officials reviewed a major amendment that would rezone 310 acres near Sunland Gin and Shedd Roads for a mixed use employment and multifamily community. The concept adds balance to the Toltec Robson Growth Area, introduces new infrastructure plans and projects millions in future development impact fees supporting parks, police, fire and roads. No action was taken and additional hearings are expected.
📍 Eloy
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🎢 Mesa Creates Theme Park District at Former Fiesta Mall Site
Mesa approved the formation of the Palo District, a special financing and governance tool that clears the way for an entertainment focused redevelopment of the 80 acre former Fiesta Mall property. The district will be run by a four person board and functions independently from the city. The move helps the owner pursue bold mixed use concepts without exposing the city to financial risk.
📍 Mesa
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🏗️ Gilbert Delays Vote on Massive Harvest Grove Project
Gilbert is pressing pause on Lennar’s proposed 311 acre mixed use plan at Germann and Val Vista. Council raised concerns about density, traffic and alignment with the Santan Character Area. The project includes more than 1,700 homes, 45 acres of commercial space and 69 acres of open space. Lennar has until Dec. 16 to refine the plan before a final vote.
📍 Gilbert
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🏢 Avondale Advances 38 Acre Tech Center
Avondale approved key General Plan and zoning updates for a new 698,000 square foot tech center near Corporate Drive and 117th Avenue. The project is expected to deliver up to 1,000 jobs and generate an estimated $30 million in tax revenue. A traffic signal will be added at Corporate and Fairway as part of the development.
📍 Avondale
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🌄 Teravalis Opens to First Residents in Buckeye
Howard Hughes Corp. welcomed the first homeowners to Teravalis, one of the largest master planned communities in the country at nearly 37,000 acres. The long term plan includes 100,000 homes, 55 million square feet of commercial space and a projected population of 300,000. The first neighborhood, Floreo, is underway with parks, trails and a community center.
📍 Buckeye
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🏘️ Lennar Eyes 473 Acres of State Land in Mesa
Lennar has applied to purchase nearly 500 acres of state land near Meridian and Baseline, bisected by the US 60. The land is likely to go to auction in late 2026. Lennar intends to build single family homes as its nearby Eastmark and Cadence communities have sold out.
📍 Mesa (Unincorporated Maricopa County)
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Real Estate Trends

Local Market Snapshot
Supply is softening after a sharp shift in November with more expirations and cancellations. Active listings are down 5% month over month while still offering more choice than last year. Lower mortgage rates have pushed demand upward, with under-contract listings up 12% year over year. Despite the fewer working days in November, closings were nearly 5% higher than last year.

Pricing remains resilient. Average price per square foot is up 1.6% annually, and median pricing is steady. Affordability has improved thanks to rising household earnings and slightly lower rates. The Cromford® Market Index is trending positively, signaling a healthier market than expected heading into year-end.

Pending listings show a higher price per square foot, suggesting continued strength into mid-December. Distress levels remain very low and well below historical averages.

National Market
December is usually quiet for housing, but post COVID seasonal patterns have shifted. Mortgage rates near 6% are fueling more consistent purchase application growth and improving forward looking trends. Spreads have normalized significantly, supporting lower rate structures heading into 2026.

Inventory is finally normalizing after years of shortages. Homebuyers should see more options in 2026, and sellers will face a more balanced playing field. The key metrics to watch this month: the 10-year treasury yield and weekly purchase applications. Both are pointing toward a stronger start to next year if the current trend holds.

Check current mortgage rates
_{Mortgage rates vary based on individual qualifications, including credit score, loan type, and lender policies. For a personalized rate estimate, it’s best to consult with a lender.}

🌵See You Next Week in the Desert

Thanks for reading and staying plugged into what is shaping our region each week. The Valley’s growth story continues to evolve, and the next few weeks will give us more clarity on how 2026 begins.

See you next week in The Desert.

– Brad