This is the third week of the Home Sales Estimates for Metro Phoenix, courtesy of ARMLS. These are the unfiltered numbers, and contain oddballs like timeshares and mobile homes. There are not a lot of them, but they do account for several thousand listings.
By the way, I am going to start releasing this on Tuesday, as there are always some agents who have not inputted their weekend sales by Monday, or Friday recordings, for that matter, so we will try using Tuesday. The weekly report is what you would expect to see: fairly flat. Sales in the middle months are typically lighter, as people generally coincide closings with the opportunity to move from their present location at the end of months. Obviously, it is financially efficient to not pay another month's rent if you can move into your newe home at the same time. Here are the weekly numbers from ARMLS:
Universal Pending Sales 9/23/07: 4255 ( +9 from Last Week)
Pending Sales + Active W/Contingency: 4751 (-3 from Last Week)
Sales Closed 9/17/07-9/23/07: 737
Active Homes: end of 9/23/07 57,228 (+472 From Last Week)
The numbers basically paint the same story we already know: resale home figures are fairly flat. There are still more homes coming onto the market however, which we don't need. There is some talk that some of these are now being turned into rentals, as owners resign themselves to the idea that they can't sell for enough, and are going to have to eat some of the mortgage for a while as the market shakes out. It is being built somewhat by the apartment community, as renting a home has become competive with apartment rentals, as desperate owners who wish to get something out of their empty house are cutting nice lease deals. It is circular effect, as these people who can rent cheap (for now) and require a house instead of an apartment, are placated and don't feel they have to buy a home at present. Vicious cycle, isn't it?
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