Is the Arizona real estate market improving?

PROs

• Home-building permits increased suggesting builders are more optimistic [or perhaps Arizona home builders continue to be delusional].

• The median price climbed $4,000 from December 2006 to January to reach $260,000.

• There were almost 16,000 new listings for Valley homes in January, down a couple of hundred from December 2006.

CONs

• The number of spec homes is still quadruple the number from a few years ago. Cancellation rates in some subdivisions are as high as 60 percent.

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