A faint glimmer of good news for buyers as the supply of homes has finally stopped declining and actually rose slightly in the last week. While active listings are still 16% lower than they were at this time last year, they are 1% higher than 4 weeks ago. This rise can be attributed to a 10% increase in new listings from July to August. This is not uncommon, as July is typically a low in the year for new listings. However, this August was 3% below last August in comparison and the lowest August since 2016.
One price range where inventory is still declining are homes listed in the $200K-$250K range. Inventory in this price range has plummeted 51% since February. The Southeast valley of Maricopa County has seen the largest decline of 73% in this price range for single family homes.