Answer
If using the Match to Address Location option Pick Address From Map Tool (i.e., right click > Match to Address Location), left-click the map to establish an address first. Once an address has been established, right-click > Pick Address becomes active. Alternatively, left-click can be used to inspect the address, then the short cut keys can be used instead of a right-click (i.e., hitting the spacebar or enter to match the address to the click point).
See the link to Rematching a Geocoded Feature Class in the Related Information section below for more detailed steps.
Note:
Do not move the mouse between left-clicking the map and right-click > Pick Address. It resets the address and pick address becomes disabled again. A software usability enhancement has been logged for this issue. The tracking number is NIM035937. This can also be avoided by using the short cut keys (i.e., hitting the spacebar or enter to match the address to the click point).