Is Phoenix inventory rising or falling?

Active listings in Phoenix are slightly down compared to last year, which means there are fewer homes on the market right now. However, the number of new homes being listed is up. This means more homes are coming onto the market, but the total number available is still a bit lower than it was. There are 18,728 active listings in the Phoenix area, which is a 3.4% decrease from the same time last year. This small drop means potential buyers have slightly fewer options to choose from compared to a year ago. However, there were 6,868 new listings in the most recent month, which is 6.6% more than the year before. So, while the overall number of homes for sale is a little lower, fresh options are becoming available more frequently. With 7,225 homes currently pending sale and a pending ratio of 0.39, homes are still moving, just at a slightly different pace than the total inventory suggests. The median listing price in Phoenix is $489,500, which is down 5.9% compared to last year, and 28.7% of homes have had their prices reduced. If you are looking to buy, it means there are fewer homes overall, but new ones are consistently hitting the market. You might find more opportunities if you keep an eye on new listings.