Nearly half of Phoenix home listings are "stale"

The big picture: Across the country, there was nearly $700 billion worth of inventory for sale in April — a new high in Redfin data going back to 2012.

By the numbers: Roughly 44% of U.S. home listings (totaling over $330 billion) had been on the market for at least 60 days without going under contract, about three percentage points lower than Phoenix's 47.1%.

• That's the largest share for April since home-buying stalled early in the pandemic.

Zoom in: The median length of Phoenix metro area listings in May was 58 days, more than the 50-day national average, Zillow spokesperson Mark Stayton told Axios.

• That's 15 days more than 2024 and 13 days more than the pre-pandemic average from May 2018 to May 2019, he said.
• But the median length of listings has decreased over the past few months, Mark Stapp, executive director of the Master of Real Estate Development program at Arizona State University, told Axios.

Between the lines: Despite a record number of homes to choose from, it's hard for buyers, especially first-timers, to afford one.

• Many are sidelined by still-high prices, mortgage rates near 7% and broader economic uncertainty.

Yes, but: Redfin forecasts that increased inventory and weakened demand will drive nationwide home prices down 1% by year's end.

The other side: More homeowners sitting on low mortgage rates have finally opted to sell.

• "A huge pop of listings hit the market at the start of spring, and there weren't enough buyers to go around," Matt Purdy, a Denver real estate agent, said in the report.

What we're watching: As house hunters gain negotiating power, some would-be sellers may hold off.

• Phoenix's housing market is still pretty tight, but it's softening, Stapp said.
• The "extreme increase" in real estate prices has slowed and new listing prices have softened since January, he said.
• "I think the market is finding a bit of a balance here," Stapp said. "It's not great, but it is better for buyers."