As usual, a two-parter …
We’re seeing a little of the normal summer slowing in the Phoenix real estate market. Listings have crept up over the past two weeks (missed last week’s update while I was attending Inman News’ Real Estate Connect Conference) and sales of single-family detached homes have fallen below 4,000.
We’re looking at 3,838 sales over the past 30 days versus 37,225 active listings for an absorption rate of 9.70 months. Bank owned inventory continued to climb, now to 5,422 active listings – an increase of nearly 10% over the past two weeks. Sales also slowed in the bank owned sector – 1,405 over the past 30 days compared to 1,417 two weeks ago – but the absorption rate still is a relatively brisk 3.86 months.
I’m also looking into a rumor that the housing stimulus bill contains a provision that gives a tax break to those purchasing foreclosed properties, and am hoping against hope that such a provision does not exist. If you’re going to have such an incentive in place (and I’m not really a fan of such incentives, even if it may help my business) it should be for any property and not just REOs. More on that when I find out more.
Full city-by-city stats will be on deck later today …[tags]Phoenix real estate, absorption rate, bank owned homes[/tags]