The next few weeks are going to be as predictable as summer weather forecasts here in the Phoenix area … inventory rising, sales declining and not much of a change expected until after the holidays.
Inventory of single-family homes across the Phoenix real estate market rose slightly, up just over 100 houses to 38,323. Sales over the past 30 days fell by nearly 500 from a week ago, further confirming the spike caused by the disappearance of seller down payment assistance programs at the beginning of October.
Absorption rate for the Phoenix real estate market sits at 9.79 months, up a full month from last week.
Bank owned inventory was on the rise again and now sits at 7,404 homes. Sales over the past 30 days were down to 1,635 for an REO absorption rate of 4.53.
There’s little that can be said with certainty these days when it comes to real estate, but it remains safe to say the volatility in the real estate market is nothing compared to the wild ride on Wall Street these days. Down 300, up almost 900 … and we still haven’t elected our next president.
Interesting times, indeed.
Below are the details for communities around Maricopa County and the greater Phoenix real estate market. As always, all data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=22] [tags]Phoenix real estate, absorption rate[/tags]