Phoenix saw one of the largest increases in new listings of any U.S. city in May, according to the RE/MAX National Housing Report.

Realtors entered 9,117 properties into the MLS last month, a 30.1% increase from May 2023, when 7,007 properties were added to the market. The only city in the country with a greater year-over-year increase in new listings was San Diego, which saw a 31% increase.

“More sellers are seeing the advantages of listing their homes now. They’re getting their asking price and enjoying the benefits of a relatively quick sale,” RE/MAX President Amy Lessinger said in the report. “Growing inventory offers more options for homebuyers, too, and we’re seeing more sales activity as a result.

“Mortgage rates continue to impact the rhythm of the housing market,” Lessinger added. “If inventory keeps bulking up and mortgage rates don’t change, prices may eventually start to soften.”