Inventory of homes for sale hit a two-month supply in March, according to the Phoenix REALTORS® Local Market Update. Last year, inventory supply was 185.7% lower at less than one month.

Total inventory of homes for sale reached 1,880 properties in March — that’s up 86% from March 2022, when there were 1,011 single-family houses on the market. It’s a similar story for townhouse and condo sales: available inventory is up 130.2% year over year, with 633 properties for sale. That amounts to a 2.2-month supply of townhouse and condo inventory, up 266.7% from last March.

The average number of days on the market also rose to 69 last month. While that’s lower than the year-to-date average of 74 days, it’s up 146.4% from March 2022 (when the average home sold in less than a month).