What a difference the last half year has made. The graph above shows what has happened to the median price of single family detached homes sold in the Phoenix area over the past two years. The median price has gone from a low of $115,500 in July of 2011 to a high of $147,000 in April, 2012. The graph below shows a major contributing factor to these sale price increases. The inventory of homes available for sale in the Phoenix area has been dramatically reduced over the past year. From a high of 36,722 single family homes for sale in October 2010 to the current low of 9,092 single family homes for sale in April 2012. The quantity of foreclosure and short sale homes for sale has dropped by about 75%. Traditional sellers have been waiting for prices to start coming up before putting their homes on the market. Prices have been increasing steadily and this should slowly cause more traditional sellers to put their homes up for sale.
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