Closed home sales increased on a year-over-year basis in Maricopa County, according to the latest market update from Phoenix REALTORS®.

With 189 closings during August, single-family home sales were up 18.9% year over year. Pending sales, however, decreased by 31.2%.

Limited new listings failed to refresh the county’s inventory, which shrank by 36.8% annually during the month. Average days on market rose to 69, up 64.3% year over year. Inventory sat at a 2.7-month supply, down 22.9% from the 3.5-month supply seen last August.

Meanwhile, the median and average sales price fell 7.7% to 360,000 and 4.4% to 380,361, respectively. The average closed listing received 99.5% of the original listing price, up 0.9% from August 2022.