Active Inventory Still Falling
Auction prices rising due to competition
Number of Sales in May murky due to holiday on last day of month
Pending: 14,376 ( +121 from last week)
Pending Sfam: 12,404 ( +128 from last week)
AWC: 7,939 ( -34 from last week)
AWC sfam: 6,858 ( -22 from last week)
Active: 24,597 (-634 from last week)
Active Sfam: 19,664 (-518 from last week)
Closed thru 5/22/11: 2,218 ( +337 from last week)
Closed Sfam: 1,851 ( +280 from last week)
Closed MTD(5/22) 5,974
Closed Sfam: 5,016
Active inventory is still rising as home sales remain strong in the metro area. Pending sales are still rising a bit, but probably reaching near their plateau heading into June, a traditionally good sales month for Arizona. We are not sure what it will look like after that, but the pending numbers are still forecasting a solid month of June. We should expect 9000 + sales in June, but from that point it is unclear how the summer will go. It could be excellent, we just don't know yet.
I don't have time to do the full article today, but our precarious market is continuing to hold in most areas; prices are still wobbly, and are likely to continue to be, but at least homes are selling.
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