More bottom news.
A consultant to home builders says the MLS inventory fell slightly from the end of September to the end of October — from 46,390 down to 46,228.
“It only went down a little, but it went down,” said Mike Chasse, senior home builder adviser with Scottsdale-based Land Advisors Organization. “I’ve been antsy for two weeks (for the MLS monthly update) because I was seeing signs the market was balancing out,” he said.
(These are not official MLS published numbers but many Realtors track such numbers.)
This is no news for readers of Arizona Real Estate Notebook.
Chasse believes a balanced home-sale market would be in the 33,000 listing range.
I disagree. I think “normal” will be 35,000 or more because sellers are more willing to sell now that the median price is $260,000 rather than when it was $170,000.
In another matter;
According RL Brown Housing Reports, in metro Phoenix, 2,281 permits were issued in September, a decrease of 733 permits from August.