Once again there was little change from last week to this in the Phoenix real estate market’s inventory numbers. Listings of single-family detached homes remained roughly stable at 36,921 and sales over the past 30 days also were about the same at 4,422.
Overall, we have an absorption rate of 8.35 months in Maricopa County.
Bank owned inventory continues to rise, now up to 5,507 single-family detached homes. Sales, however, continue to keep pace as well with 1,677 closed sales of REO properties over the past 30 days for a 3.28 month absorption rate.
The big question looming is what happens this fall … sales traditionally slow noticably after Labor Day, which could lead to soaring absorption rates and higher times on market. But if buyers continue to see not only value in bank owned homes but also feel some sense of urgency, the feeling that immediate action is needed lest the home that fits their needs is purchased by someone else, the fall doldrums may be less noticable this year.
As always, all of the data below is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=13] [tags]Phoenix real estate, absorption rate[/tags]