Phoenix is first in the nation for year-over-year housing inventory percentage growth, according to the September Housing Market Trends Report from Realtor.com.
Inventory of homes for sale in the 50 largest U.S. metro areas increased overall by 37.2% in September, compared to the same month last year.
Phoenix led the way with 167.3% growth in active listings, followed by Raleigh, N.C., (166.1%) and Nashville (125.3%).
Thirty-six out of the 50 metros measured saw year-over-year inventory growth. The biggest drops were in Hartford, Connecticut, (-28.3%); Milwaukee (-19%); and Virginia Beach (-14%).
Median days on the market in the Phoenix-Mesa-Scottsdale area in September was 47, up from 30 last year. The 17-day increase tied with Las Vegas for the third-highest among major metros, behind only Raleigh and Austin, Texas, both at 23 days.
The median home sale price in the Phoenix area was $494,000, a 4.4% increase from September 2021.