Supply continues to increase at a fast rate across most market segments. The effect is most noticeable in the price ranges from $500,000 to $2,000,000.

For Greater Phoenix, single-family detached non-distressed listings without a contract:

• Active listings priced between $500K and $600K have risen from 477 to 1,049 in the last 2 months (120%)
• Active listings priced between $600K and $800K have risen from 546 to 1,111 in the last 2 months (103%)
• Active listings priced between $800K and $1M have risen from 259 to 519 in the last 2 months (100%)
• Active listings priced between $1M and $1.5M have risen from 209 to 468 in the last 2 months (124%)
• Active listings priced between $1.5M and $2M have risen from 91 to 194 in the last 2 months (113%)

The rise in supply is quite modest for homes priced over $3 million or under $500,000. It is also hardly showing up in mobile and manufactured homes. It is quite obvious in the condo / townhouse sector.

Market incites provided by the Cromford report