Inventory ticked down ever so slightly in the Phoenix real estate market over the past week while sales of single-family detached homes in Maricopa County rose slightly over the rolling 30 days ending last week.
There were 2,361 sales of single-family detached homes that, when coupled with inventory of 39,640 homes, provides an absorption rate of 16.79 months, the lowest figure since October 9.
I’m not expecting to see inventory rise over the next three weeks as more and more home owners are being told by their agents to wait until after the first of the year. And since the number of sold homes is a lagging indicator (these homes usually go under contract 30 days or more before the close date) we won’t see the depth of this year’s December lull until January.
As always, click any of the below markers to see the details for any particular city or town. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.
Lastly, if you’re looking for past reports going back to January of this year, click on the “Phoenix Real Estate Inventory” category and you’ll see them all.
[tags]Phoenix real estate, absorption rate[/tags]