Phoenix sees year-over-year decrease in new listings

by Emily Marek

Phoenix is one of the markets with the largest year-over-year decreases in new listings, according to the latest RE/MAX National Housing Report.

Realtors entered 7,044 new listings into the Multiple Listing Service during the month of April. A year ago, that amount was 36.2% higher at 11,043 new listings. The only city with a larger year-over-year decrease was Seattle, where new listings decreased by 39.2%.

Phoenix is also one of the cities with the lowest close-to-list price ratios, meaning homes are selling below asking price on average. In Phoenix, the close-to-list price ratio is 97% (tied with Coeur d’Alene, Idaho and New Orleans), meaning the typical house sells for 3% lower than asking price. The only city with a lower close-to-list price ratio was Miami at 95%.

Furthermore, Phoenix saw one of the highest days on the market averages in April at 52 days, tying with Des Moines, Iowa. The highest days on market averages are seen in Fayetteville, Arkansas (75 days).

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