By Jeff Gifford | Phoenix Business Journal
As the Valley’s housing market continues to heat up, inventory is dropping, prices are rising and homes are selling faster than they were a year ago.
The Phoenix area experienced the nation’s sharpest drop in housing inventory during February compared with a year earlier, according to data released by Realtor.com that also reveals tightening housing markets and higher prices across the country.
The Valley’s February inventory was 42.7% below that of February 2019, and the median price was up 14.3% to $400,000, according to the report.
