This from the Arizona Republic:
Market experts say now is still too early to declare the beginning of a recovery for the region’s battered home values. But the number of successful home sales is at near-record levels, the number of homes for sale is dropping, future foreclosures are in decline and home prices, although low, are holding steady. [Emphasis mine]
Where did I read something like this recently … oh yes, right here on the blog:
More generally, I am looking out through the pollen to a Phoenix real estate market with less than 20,000 single family detached homes for sale (at the peak of the burst bubble we were at closer to 44,000). Toss out the short sales and there are just over 14,000 detached homes for sale in Maricopa County, an area larger than the state of New Jersey.
With more than 6,800 sales over the past 30 days, there is less than three months inventory of homes available at the current pace.
Say what you want about the “next wave of foreclosures”, a refrain we have heard here since March 2009 – two years ago, for those keeping score – but the market here is moving fairly briskly.
And the best part, at least if you’re a buyer, is the declines have slowed in many areas and prices haven’t been obeying the laws of supply of demand quite yet.
Though now that the Republic is agreeing with me, I’m a little nervous.