Despite a 0.5% year-over-year decline in new listings, active inventory increased by 59.1% in Maricopa County last month, according to the latest Market Update from Phoenix REALTORS®.

Realtors added 4,679 properties to the MLS in June, down 0.5% from June 2023, when 4,702 properties were added. However, due to a decreased pace of sales, active inventory swelled by 59.1%, with 12,036 properties for sale during the month.

Given the current rate of sales, that inventory amounts to a 3.3-month housing supply. That’s up 73.7% from June 2023, when there was only a 1.9-month housing supply.

Closings fell 13.3%, with 4,098 homes sold, while pending sales dropped 35.1%, with 2,561 properties going under contract. Days on market remained flat at 59 days.

Prices remained relatively stable in June — the median sales price rose 1% to $510,000, up from $505,000 a year prior; the average sales price rose 1.3% to $694,496, up from $685,716. Meanwhile, the average percent of list price received fell slightly to 98.5%, down from 98.7% a year prior.