Phoenix Home Sales
Metro Phoenix single family home sales (blue line) in August (7,450) were the most sold in any August since August 2005, the boom year for home sales.
Phoenix Housing Inventory
The inventory of homes listed for sale in metro Phoenix (red line) continued to fall.
The unusually high number of home sales has been pulling down the inventory of homes available for sale while at the same time new listings hitting the market have been unusually low so all those homes being sold are not getting replaced by enough new listings and inventory falls.
Phoenix New MLS Listings
In August 2011, we only had 10,089 new listings hit the market which is a 21% decline from August 2010 when we had 12,849 new listings hit the market. In fact, the number of new listings in August 2011 was lower than any August since August 2001.
Phoenix Home Prices
The Phoenix median home price (green line) hasn’t started to rise yet. Despite the very low inventory of homes available for sale, in August 2011 the median Phoenix home price fell slightly to $116,050.
I expect, however, that due to the tight inventory of homes for sale that we’ll see the median Phoenix home price move sharply higher in 2012 to well above the highs of 2009 ($135,500) and 2010 ($137,900).