Sales of existing homes continued to be strong in the Phoenix area in July. The number of homes sold through the MLS in the Phoenix regional area was up 54% in July over the same month last year. The amount of inventory available for buyers has continued to shrink from a high of 60,625 in November of 2007 to 38,444 in July 2008. There have been many articles in the press offering the opinion that the real estate market has hit the bottom and is now on its was to rebounding. No one will know for sure until the market bottom has been passed. But, signs point us moving towards a more normal market with home prices starting to stabilize.
This data is supplied by the Arizona Regional Multiple Listing Service. ARMLS, West USA, and Pat & Amy Monahan do not guarantee the accuracy of the data.