Some of the national housing market’s greatest year-over-year decreases in median sales price occurred in Phoenix last month, according to the February RE/MAX National Housing Report.

MLS data shows that Phoenix’s median sales price reached $450,000 in February 2022. A year later, that price dropped 7.8% to $415,000. The only cities with greater year-over-year decreases were San Francisco (-12.7%) and Bozeman, Montana (-13.8%). Nationally, the median home price was $385,000 in February, which is down 1.3% from the same month last year.

Close-to-list price ratio also fell to 97% in Phoenix — a year ago, that figure was 3.7% higher at 101%.

At the same time, inventory has inflated by over 104% in Phoenix. There was a two-month supply of inventory last month, compared to only one month of supply in February 2022. The average number of days on the market has also increased by 92% year over year.