Phoenix Housing Inventory Nears 20,000 Homes, Hits Highest Level Since 2016

Sep 1, 2024, 04:11 PM

The housing market in Phoenix, Arizona, is experiencing a significant increase in inventory levels, reaching the highest point since 2016. The number of homes listed for sale is approaching 20,000, marking an unseasonal rise that began in July, which is atypical as listings usually increase in mid-September. This surge in housing inventory comes as the Months of Supply in Phoenix has increased to 2.9 months, compared to 1.9 months a year ago. The rapid rise in housing inventory is causing concern for home sellers, as this trend is occurring before a potential job recession.