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Valley sees nation's biggest drop in housing inventory, report says

New home with sold stamped across the for sale sign in yard
Posted at 11:29 AM, Mar 11, 2020
and last updated 2020-03-11 14:29:03-04

PHOENIX — As the Valley’s housing market continues to heat up, inventory is dropping, prices are rising and homes are selling faster than they were a year ago.

The Phoenix area experienced the nation’s sharpest drop in housing inventory during February compared with a year earlier, according to data released by Realtor.com that also reveals tightening housing markets and higher prices across the country.

The Valley’s February inventory was 42.7& below that of February 2019, and the median price was up 14.3% to $400,000, according to the report.

Those numbers come as homes are selling faster in the Phoenix metro compared with a year ago, according to the report. The median time on the market for a Valley home was 48 days, four days shorter than a year earlier. Only 10 metro areas out of the 50 on the list had quicker median times.

Click here for the full story from the Phoenix Business Journal.