Housing inventory rebounds at record rate in largest metros, and Phoenix is helping lead the way

by Patrick Regan

The number of homes available to buyers climbed 18.7% in June, the sharpest year-over-year increase in the history of the Realtor.com Monthly Housing Trends Report.

While active listings increased, so did prices. The median home price in the report increased 16.9% to $450,000, compared to June 2021.

In the Phoenix-Mesa-Scottsdale region, the median listing price increased 18% year over year to $549,000, and the region was No. 2 among all metros for percentage increase of active listings.

Compared to June 2021, active inventory increased in 40 of the 50 largest U.S. metros, led by Austin, Texas (+144.5%), Phoenix (+113.2%) and Raleigh, N.C. (+111.7%). 

“While we anticipate that more inventory will eventually cool the feverish pace of competition, the typical buyer has yet to see meaningful relief from quickly selling homes and record-high asking prices,” Danielle Hale, chief economist for Realtor.com, said in a news release.

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