Forgive me this one tangent …
So, as I understand it, a large part of the purpose of last week’s bailout bill was to reinstill confidence in the financial markets. Even if the bill wasn’t going to be the best possible solution, something had to be done to at least show Wall Street and the markets that something was being done.
And, since it has passed, the markets have continued to tank … which begs the question, what was the purpose of the bill after all?
On to the inventory numbers … we had an increase of just under 400 single family detached homes in the Phoenix real estate market, to 37,267. There were 12 more closed sales over the past 30 days than last week’s report, which led to the absorption rate for Maricopa County rising to 7.80 months.
Bank owned, or REO, inventory also continued to swell – up 230 homes from one week ago. That also translated to a net increase of about 1,000 homes over the past five weeks. Closed sales fell by 15 from last week’s report for a still-brisk absorption rate of 3.46 months.
This traditionally is the time of year when the market begins to slow but I’m not going to attempt a guess given how bizarre the entire year has been. Interest continues to be strong, based on the registrations I’m seeing through my websites, but the question is whether that interest will translate into closed sales.
Below are the specifics for a number of cities, towns and areas in 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=19] [tags]Phoenix real estate, absorption rate[/tags]