Phoenix housing market on brink of collapse: skyrocketing inventory sparks fears of price declines

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Phoenix is experiencing a significant increase in home inventory, with active listings in April 2024 reaching nearly 15,000, a 50% rise compared to the previous year and a staggering 326% increase over two years. This surge in inventory could lead to declines in home prices in the second half of 2024, challenging the narrative of low inventory. Areas on the western side of the Phoenix Metro are particularly affected, with many ZIP codes already showing signs of “Inventory Surplus,” indicating a potential oversupply in the market and suggesting possible price declines ahead.



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