Closed home sales decreased year over year in Maricopa County, according to the latest Market Update from Phoenix REALTORS®.

Closings fell by 14% annually, with 4,252 homes sold in March compared to 4,947 homes sold in March 2023. Pending sales declined by 36.5%.

However, a healthy dose of new listings replenished area housing inventory during the month. Realtors entered 5,431 properties into the MLS, a 4.5% increase year over year. Meanwhile, active listings increased by 26.3%, with 11,699 properties on the market during the month. Given the current pace of sales, Maricopa County had a 3.2-month housing supply in March, a 39.1% increase year over year.

Both the median and average sales prices also increased annually — the median jumped 9.8% to $513,948, while the average rose 9.3% to $687,172.