Phoenix's housing market is flooded with homes for sale — nearly 20,000 active listings this April — but buyers aren't biting.
Active listings across the Valley have climbed to just under 20,000, a level only surpassed in two months in recorded history: April and May of last year.
The surge marks a dramatic reversal from 2022, when the pandemic buying frenzy pushed available inventory down to just 4,000 homes.
In spring 2019, listings stood at 17,000 Valleywide.
"You got 80% of the market right now still searching for that buyer," said Mark St. Peter.
St. Peter owns Patriot Flip. He says the surge in listings reflects a stubborn disconnect between buyers and sellers.
"You're dealing with sellers who are becoming a little more realistic, but they're still kind of stuck in that 2020 - 2022 pricing.
So it's creating a really interesting market where you have buyers who are cautious, and sellers who are just not really ready to be realistic about pricing," St. Peter said.
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