Phoenix Home Sales
Factoid: More than twice as many homes sold in metro Phoenix in December 2011 (6,661) than in December 2007 (3,161).
Phoenix Housing Inventory
The number of homes listed for sale in metro Phoenix (red line) fell in December and January. I had expected that the number of single family homes listed for sale in the Phoenix MLS would have increased in January as is common for January. The fact that the inventory fell rather than rose, suggests an incredibly tight supply situation this spring when supply usually tightens up and, therefore, rising median home prices in metro Phoenix.
Phoenix Home Prices
The Phoenix median home price (green line) increased $4,900 in November and $100 in December to $125,000. I had expected prices to increase seasonally in the spring but I didn’t expect prices to increase so much in November and December which are traditionally two of the weakest months for Phoenix home sales (along with January closings).
NOTE: This post was written in January 2012. If you stumble upon this post in the future please keep in mind that even though the chart may be up-to-date that the text here was written in January 2012. Hey, it’ll be easy and fun for you to see how far off I was in my view of the Phoenix real estate market.