Sales hit 4.62 million homes during the month on an annualized basis, a rise of 3.4% compared with a month earlier and up 10% from April 2011, according to the National Association of Realtors.
Readers of this website shouldn’t be surprised by that revelation, as I wrote about April sales about three weeks ago.
As always, though, there’s a portion of the article that doesn’t necessarily apply to the market here in the Valley.
As prices stabilize, homeowners may be encouraged to put their homes on the market. Inventory rose 9.5% to 2.54 million homes in April, which is common in the spring, as sellers try to capitalize on the selling season. Overall, the supply of homes for sale has dropped more than 20% from 12 months ago and is well down from the record high of 4.04 million in July 2007.
Inventory hasn’t risen here in Phoenix, even now during the summer selling season (and, for that matter, our selling season is slightly different than other locales because of the summer weather, not significantly so but at least a little.) In fact, we’re sitting at a maddeningly low 7,767 detached homes for sale. (Zillow’s still showing over 15,400 homes; in a related note, Zillow’s predicting today’s high temperature in the Valley to be a comfy 68 degrees with intermittent showers.)
No matter how you look at it, this is a perfect moment for sellers with equity who have been wanting to move into something different but hadn’t wanted to “give their homes away.” Those 2005-06 prices are nowhere to be found, but in many areas you’ll be somewhat pleasantly surprised to see where values really are.
Lord knows the seller for the home pictured here, which I just put into the MLS this morning, was pleased to hear of the current value. She’ll be even more pleased by the half-dozen showings that already have taken place.