New and active listings increased annually in Maricopa County last month, according to the latest Market Update from Phoenix REALTORS®.

Realtors added 5,838 new listings to the MLS in February, a 5.3% increase year over year. Meanwhile, total active inventory jumped 46.9%, with 15,856 homes for sale.

Amid this increased listing activity, both the median sales price and the average sales price increased. The median sales price rose 3% to $520,000, while the average sales price rose 6.3% to $720,096.

Pending sales fell 31.9% year over year, however, while closings rose 1.5%.

“Some buyers are hesitant to commit right now,” Christy Walker, board president of Phoenix REALTORS®, said in a press release. “Homes are the largest single investment most families make in their lives. Increasing prices increases equity for the owners, but if incomes do not keep pace, it affects the market for those homes.”

However, Walker added that “with the inventory growth, we have a good home selection across a broad range of price points.”

Days on market increased 10 days year over year, with the typical home selling in 72 days at 98.3% of its original list price.

Given the rate of sales, it would take 4.3 months to sell every home on the market in Maricopa County. That’s up 48.3% from February 2024, when there was a 2.9-month housing supply.