Arizona is stunningly average. I would have thought the Arizona housing market would be slower than average, a hangover from the spectacular price increases in 2004 and 2005.
The numbers may be different, but overall Arizona sounds earily similar to this description of the U.S. housing market.
The median price of a home sold last month was $230,000. That was up just 0.9 percent from the same month last year and marked the smallest year-over-year increase since May 1995. The median price is the middle point, where half sell for more and half sell for less.
The inventory of unsold homes in July rose to a record high of 3.86 million. At the current sales pace, it would take 7.3 months to exhaust that overhang. That is the longest period to exhaust the supply of home since the spring of 1993.
That bit about 7.3 months is just like Arizona today, metro Phoenix has between a 7 and 8 month supply of homes.
I suppose it’s nice to know we are not alone.