After this morning’s REO preview, here’s the overall inventory update for the Phoenix real estate market as of this morning, May 20.
Inventory fell once again the past week, down another 100-plus homes to 38,217 single-family detached homes for sale in Maricopa County, marking the fifth consecutive week that inventory has fallen week over week.
Sales over the past 30 days increased to 3,829 to drop the absorption rate into single digits for the first time since last June at 9.98 months of inventory.
Queen Creek, Maricopa and Surprise remain the hottest markets in the Valley, mostly due to a high number of bank owned homes in those areas. The foreclosure wave is hitting as predicted but the homes are being absorbed at a fairly decent pace.
As always, click on any of the markers below for details from any particular city or town 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]