Posting on the 19th but all numbers are as of June 16.
Inventory of single family detached homes in the Phoenix real estate market fell again, this time by about 300-odd homes (and is down again looking at the real time numbers from this morning.) Closed sales over the past 30 days were down a touch at 7,001 but the supply of inventory – the absorption rate – fell to 3.07 months.
Bank owned inventory currently stands at .76 months, up .01 from last week (4,312 closed sales and 3,270 active listings.) Short sale inventory is at 6.35 months, down nearly a half a month (863 sales and 5,477 active listings.)
Non-bank owned, non-short sale inventory has dropped below seven months at 6.97 (1,826 closed sales, 12,720 active listings), continuing evidence that the rising tides of REO sales is lifting all boats.
As for the expected wave of foreclosures, some are beginning to speculate the tsunami will not come as banks collectively realize the return is better when supply is limited.
And if you’ve read this blog any length of time, you also know that at the current sales pace the Phoenix market easily could handle closer to 10,000 bank owned listings versus under 3,500 and still not see an appreciable further drop in prices.
As always, all the details from the various cities and towns in the Phoenix real estate market are below. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=52] [tags]Phoenix real estate[/tags]