Real Estate Market Statistics August 2014 Phoenix, Arizona
You might be thinking the same thing about these market numbers as you did last month…. BORING!
What we’re experiencing now is not only lack of demand (lower monthly sales), but also a lack of new inventory on the market, which is helping to keep everything pretty flat.
Months supply of inventory staying low at 3.97 – pretty darn good. Average home sale prices hovering around $250,000. Foreclosures pending continuing to fall… Distressed sales totals down 62.1% year over year… yawn…
Where’s the drama?? – Let’s leave that up to the media, I’m sure they’ll come up with something.
With the run up that we’ve had in buying and home values rising, I believe that some quiet time is due anyway. It’s a consolidation of sorts. Whether it’s welcomed by the masses is irrelevant.
Perhaps the rest of the economy needs to catch up to the Arizona housing market, before we have any more movement?
Is this a healthy pause? Only time will tell.
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