[See all posts with title “Phoenix Real Estate Market at a Glance.”]
NOTE: 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 June 2012.
Phoenix Home Sales
Phoenix home sales (blue line) in May 2012 (7,152 homes sold) was the lowest number of sales for an May since 2008.
Demand is high. But since the supply of homes for sale is so low we’re not seeing the high demand showing up as increased home sales, instead we’re seeing the high demand showing up as rapidly increasing Phoenix home prices.
Phoenix Housing Inventory
The number of homes listed for sale in metro Phoenix (red line) in June 2012 was 16,354, which was the lowest inventory of single family homes listed for sale in metro Phoenix for any month since September 2005.
Phoenix New Listings
The number of new listings hitting the Phoenix MLS in April was only 9,270. The last time the number of new listings hitting the market in an May was that low was probably in the 1990s.
Phoenix Home Prices
The Phoenix median home price (green line) increased $4,900 in November, $100 in December, $3,500 in January, $1,500 in February, $9,000 in March, $8,000 in April, and $6,500 in May to $153,500. Since August 2011 the median Phoenix home price has increased over $37,000.
“I think the median Phoenix home price could quickly pop up to $144,000+ again. If not in the second half of this year, then certainly in the first half of 2012.”
– John Wake, Arizona Real Estate Notebook, August 11, 2011
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