New listings and a decreased sales pace allowed months of inventory to expand in Maricopa County last month, according to the latest Market Update from Phoenix REALTORS®.

Realtors added 5,077 properties to the MLS last month, a 5.1% increase year over year. Meanwhile, active listings jumped 12.2% to 11,378 properties.

Both closed and pending home sales decreased during the month. Closings fell by 1.7%, with 3,668 homes sold compared to 4,418 in February 2023. Pending sales, however, fell by more than 35%, with 2,866 listings going under contract, down from 4,418 a year prior.

Increases in inventory, paired with a decrease in sales activity, allowed Maricopa County’s housing supply to increase to 3.1 months, a 29.2% increase year over year.

The median and average sales prices also increased annually — the median rose 8.9% to $500,000, up from $459,000 a year ago, while the average rose 13% to $678,688, up from $600,650 a year ago.

Townhouse and condo sales fared similarly, with new and active listings expanding by 11.4% and 26.6% respectively, while pending sales plummeted by 41.3%, allowing for a 3.5-month housing supply. That’s an increase of 52.2% year over year.