Good morning, Gilbert.

Gilbert home prices rose in August as the median increased nearly 3% to $605,000 — though buyer activity slowed with pending sales down 39.5% and homes taking 74 days to sell.

Inventory also grew 13.1% to 839, showing more homes are competing for fewer buyers.

Current and former tenants of two apartment communities at Sonoma Landing and Flats at San Tan in Gilbert may apply for rental assistance from a $1 million settlement fund linked to a rental price-fixing case + Wildfire administers the program with income-based priority.

Gilbert’s housing market softened in August as closed sales fell 6.1% and pending sales dropped 39.5%, while new listings rose 4.8% and inventory grew 13.1% (Phoenix Realtors noted that home prices stayed resilient throughout the period).

Gilbert Spectrum Building 3, a 115,212 sqft industrial building at 1655 W.

Elliot Road, sold Aug. 18 for $56.13 million. Financing came via Old National Bank with $33.68 million in new debt—its buyer was linked with Syndicated Equities.