New listings increased by 25% in Phoenix last month, according to the RE/MAX National Housing Report. That’s one of the biggest year-over-year increases in the entire country.

Realtors added 7,942 new listings to the MLS in June, compared to 6,354 in June 2023. That’s the second-highest increase of any metro area in the country, behind only Burlington, Vermont, where new listings rose 25.3% year over year.

“It’s good to see inventory levels rising, as more listings represent more options for buyers,” RE/MAX President Amy Lessinger said in the report. “Given the decline in sales, it’s evident that buyers are sensitive to interest rates, highlighting the need for lower rates to stimulate significant growth in market activity.”