Housing inventory in the Phoenix area grew 136.6% in October, compared to the same month last year, new data from Phoenix REALTORS® shows.

The estimated months of housing inventory on the market grew to 3.1 last month, more than triple what it was last year. 

The inventory figures are emblematic of the housing market shift in Maricopa County and surrounding communities, from a low inventory, rapid-sale environment last year to something that is more balanced for both buyers and sellers today.

“The latest data reveals the Arizona real estate market is entering a new phase that’s steadier and more predictable,” Andrea Crouch, board president of Phoenix REALTORS®, said in a news release.

Average time on the market for home listings has increased from 31 days last year to 54 days in October, Arizona Regional MLS numbers show. 

The median home sale price is $450,000, up 5.9% from last year.

“Economic factors, including interest rate increases and inflation, are certainly impacting the market, but even so, quality data, input from members who have decades of experience and what we know from historic trends point to much-needed stability coming back to Arizona,” Crouch said. “It’s also important to keep in mind that these increases are far from the double-digit interest rates and market conditions from the 1980s.”