Housing inventory in The Valley has reached balanced-market status, new data from Phoenix REALTORS® shows.

Zero to three months of housing inventory is generally considered a seller’s market, while four to six months is described as balanced and more than six months is a buyer’s market. 

For years, inventory of condos and single-family homes in the Valley has hovered around one or two months of supply, helping drive up home prices. In September, condo inventory grew to 4.2 months of supply and single-family homes reached 3.8 months of supply. Those numbers were 2.3 months and 2.5 months one year ago. In August, condo supply was at 3.8 months and single-family homes were at 3.4 months.

The year-to-date numbers for all residential properties show listings are up, sales are down and pricing has increased slightly.

From January through September, more than 74,000 new residential listings have hit the market compared to 65,000 during the same period in 2023. Pending sales are down 6.6% and closed sales have declined 4.2% during the same time frame. The median sale price is $457,640 this year, while it was $440,000 from January through September last year.