Homes sales in the Phoenix area are down, predictably, year over year. This continues to signify a lower buyer demand for homes in the Valley.
New inventory for resale homes is down and should start to flatten out as we move closer to summer.
Total inventory for resale homes remains flat month over month, up almost 50% year over year.
While home buying demand is still down, we are seeing fewer and fewer distressed sales each month. This is a great indication of the real estate market getting healthier overall. 90% of homes sold in the Valley are normal sales.
We are seeing what appears to be a balancing of the market, with monthly supply staying under 4 months and days on market flattening out.
Buyer demand continues to be a question mark in the current real estate market. There is definitely potential for a greater influx of home buyers:
We can only wait and see what factors will come into play that will help these potential buyers to decide to enter the real estate market and purchase a home.
See September 2013 Real Estate Statistics Here
October 2013 Real Estate Statistics for Phoenix Arizona:
Monthly homes sales for Phoenix Arizona are down once again. 10.5% month over month and 2.5% year over year. This is continuing to follow the normal trending for this time of year.
Click here to see the Market Statistics Report in it’s entirety.
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