Active inventory rose 46.6% in Maricopa County last month, according to the latest Market Update from Phoenix REALTORS®.

There were 12,110 homes on the market in April, bolstered by a 13.4% increase in new listings. That amounted to a 3.4-month supply, up 70% year over year.

Closings increased during the month as well, with 4,492 properties sold, a 3.8% increase year over year.

Meanwhile, the median and average sales prices also increased: The median rose 8.3%, from $480,000 in April 2023 to $520,000 last month, while the average jumped 11.9%, from $652,091 to $729,915.

Year-to-date, the median and average sales prices have risen 8.7% and 10.7%, respectively.