Inventory has crept up as expected by a net of approximately 200 homes here in the Phoenix real estate market. Sales of single-family detached homes in Maricopa County also improved over last week’s update, up to 2,727 over the past 30 days. The result is an absorption rate of 14.55 months, over a month less than last week’s figure.
As mentioned earlier, the bank owned market is the fastest moving with a 5.95-month supply of homes. And short sales also have been moving slightly better than the overall market, with 286 sales against an inventory of 3,879 homes for a 13.6-month supply.
Sun City remains the strongest market in the Valley with less than an 8-month supply, followed by Ahwatukee (8.50) and Tempe at (9.08).
As always click on any of the below markers for details on a particular city or town here in the Phoenix real estate market. And also as always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[tags]Phoenix real estate, absorption rate[/tags]