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.
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