Source: Phoenix Agent Magazine | Patrick Regan

Homebuyers nationwide had more time to make decisions in August with the first year-over-year increase in median days on the market since June 2020.

Median days on the market increased by five days to 42 in August compared to the same month last year, according to the Monthly Housing Trends Report.

In the Phoenix area, median days on the market increased by eight to 38. The median listing price rose 5.3% year over year to $500,000. Active listings increased a staggering 177.4% and new listings dropped 6.4%.

Among the top 50 metro areas, Phoenix had the greatest share of listed homes with a price reduction, at 42.7%.

Nationally, the median listing price rose 14.3% to $435,000. That’s down from the record-high median pricing of $450,000 in June. Nationally, active listings increased 26.6% year over year and new listings were down 13.4%.

“These trends reflect a housing market that is getting a refresh from the past two-plus years of frenzied buyer demand that outmatched supply, with inventory rising and more typical seasonality expected to return in the fall,” the report said. “It’s a long road to balance, with homes still selling more quickly than prior to COVID. However, relative to the market’s recent peak, August’s milestone shift in time on market trends is a step toward offering buyers relief from the relentless rush for homes.”