We’re done as far as closings with Friday being the last business day of the month. Here’s where things stand as of the moment here in the Phoenix real estate market:
- Single-family detached homes in Maricopa County are now down to 13,310. I’m still calling the bottom here at 12,750; we’ll see what happens on Monday after the end-of-July listing expirations.
- Least expensive home on the market is $5,500; most expensive is $22,000,000 (see below).
- 6,121 closed sales of single-family detached homes in July (down from 7,955 last month.)
- Another 5,767 non-short sale listings are pending close of escrow.
Despite the drop in inventory, the drop in sales has raised our absorption rate – the number of months of inventory on the market – to just over two months from the six weeks or so we had at the end of June. Of course, that may not mean much to the buyers who are watching homes in the sub-$200k, non-retirement market disappear out from under them in a matter of days.
As seems to be more and more common, the main issues we’re looking at in the real estate market have little to do with real estate. All eyes are on Washington as we wait to see if our elected leaders can stop posturing along party lines long enough to compromise.
We’ll know soon enough.
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