Active inventory surpassed 17,000 listings in Maricopa County during May, according to data from Phoenix REALTORS®.

Despite a 3% year-over-year decrease in new listings, active listings increased 49.7% annually. That means prospective homebuyers had almost 6,000 more homes to browse than buyers a year ago.

Pending and closed home sales both fell during the month — pending sales dropped 33.2% year over year, with 2,807 homes going under contract; closings decreased 5.1%, with 4,604 homes sold.

Meanwhile, the median sales price decreased 1.9% to $510,000 and the average sales price increased 1.5% to $710,222.

Given the rate of sales, Maricopa County had a 4.6-month inventory, which was up 48.4% from last May, when the county had a 3.1-month housing supply.