Inventory and closed sales crept up ever so slightly in the Phoenix real estate market over the past week.
As of this morning, the Arizona Regional MLS is showing 38,765 single family detached homes active in Maricopa County, an increase of approximately 250 homes from a week ago. Sales over the preceding 30 days rose to 3,745 this week compared to 3,477 a week ago. Combine the two and you have an absorption rate of 10.5 months of inventory.
One year ago we were at 39,640 active homes in the Phoenix real estate market against 2,361 sales for an absorption rate of 16.79 months. (Read our inventory report from December 11, 2007.)
In the bank owned side of things, inventory is up even with the foreclosure hiatuses instituted by several lenders. There are 8,669 active REO listings as of this morning with 1,738 closed sales over the past 30 days for an absorption rate of 4.99 months. (Search all Phoenix bank owned homes in the MLS.)
As always, details for the various cities and towns across Maricopa County are listed in the table below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=28] [tags]Phoenix real estate, absorption rate[/tags]