Both the median and average home-sales price increased in Maricopa County last month, according to the latest Market Update from the Phoenix REALTORS®.

The median sales price rose 6% from $490,384 in May 2023 to $520,000 last month, while the average sales price rose 6.1% from $660,809 to $700,867. Year-to-date, the median and average sales price were up 7.4% and 9.5% year over year, respectively.

Meanwhile, new listings fueled a growing housing supply in May. Realtors entered 5,467 properties into the MLS, a 13.2% increase year over year. Active inventory reached 12,345 properties, up 59.3% annually, and months of supply jumped 78.9% to 3.4 months, up from 1.9 months in May 2023.

Both pending and closed listings fell, however. Pending home sales dropped 37.4%, with 2,781 properties going under contract; closings decreased 7.3%, with 4,827 homes sold.