There have been a number of positive signs recently for the Phoenix housing market.
- Sales were strong in both March and April. In March there were 9941 closed sales and in April 9309 which was an increase of 0.8% over last year. This is significant because last years April numbers were strong due to the housing tax credit.
- Inventory of homes for sale on the market has also been decreasing weekly. April’s inventory was 17.3% than it was a year ago. A reduction in inventory is necessary to balance the market and to create upward pressure on prices.
- Average and median sales prices have remained relatively flat since the start of the year. The average sales price actually increased 2.2% in April. The lowest average sales price for the decade occurred in February 2010.
- The number of foreclosures pending has been dropping for 17 consecutive months.
All of these signs are encouraging. This remains a good time to buy. Prices have remained fairly steady and are low. If inventory continues to decrease, prices will start to increase in response. This affect will vary in different areas of the Phoenix real estate market. Outlying areas continue to have higher inventory than more centrally located properties.