This past week saw a slight bump in inventory in the Phoenix real estate market. Single family detached homes for sale rose by about 300 homes to 36,601. Sales over the past 30 days fell off slightly to 4,321 for an overall absorption rate of 8.47 months.
Bank owned homes continue to make up an increasingly large portion of the inventory. REO homes for sale rose by about 2% to 5,742 though sales continue to keep pace with 1,707 closings the past 30 days. The absorption rate for bank owned homes remains a fairly brisk 3.37 months.
Details for virtually of the real estate markets in the Phoenix area are below. As always, all of the data is provided by the Arizona Regional MLS and is deemed reliable but not guaranteed.[table=15] [tags]Phoenix real estate, absorption rate[/tags]