Is Phoenix inventory rising or falling?

Inventory for homes in Phoenix is currently falling compared to last year. There are fewer homes on the market now than there were 12 months ago. Specifically, active listings are down by 4.1% year-over-year. This means there are 838 fewer homes for sale compared to this time last year. However, new listings, which are homes just put on the market, have gone up by 9.5% from last year. This shows that while overall inventory is lower, more new homes are entering the market. Even with more new homes coming in, the total number of listings is still lower than last year. This suggests that homes are being bought up, or taken off the market, faster than new ones are added. If you're looking to buy, fewer active listings mean you might have less to choose from. But with more new homes arriving, you'll want to keep a close eye on fresh listings.