Pendings Rise, Inventory Falls
Median Price rising again in May
Pending Sales surpass overall listings
Pendings: 12,825 ( +166 from last week)
Pending Sfam: 11,165 ( +180 from last week)
AWC: 7,763 ( -225 from last week)
AWC Sfam: 6,733 ( -211 from last week)
Active: 12,730 ( -148 from last week)
Active Sfam: 9,893 ( -110 from last week)
Closed 5/14-5/20: 1,841 ( +438 from last week)
Closed Sfam: 1,539 ( +361 from last week)
Median Price in May: $145,000 ( up $7000 from April)
Ryness Index: .87 ( a year ago this week: .5)
Stats are continuing to go in the right direction, with pendings rising and inventory falling, driving up the price. New home sales also continue to be stronger, and more than likely they are stronger than this showing. Still, it close to being double the previous year, so that means there is some excellent new home activity going on out there, and it is likely to get better as inventory continues to shrink and prices for resales continue to rise.
I am not going to list it here, but we did hear some good news anecdotally this week as well; there is some optimism in the market that we have turned a corner nationally as well, although Diana Glick from CNBC seems intent on tamping down any optimism, telling us that the home price gains aren't real. Its not really that newsworthy for Arizona, but she does mention us. There isn't much bad that can be said.
The actual sales numbers are going to be down from last year; we simply don't have the listings to support higher sales. You might have also noticed that there are more pending sales than inventory; it is not the first time it has happened, but the last time it was a end of the month thing where they briefly passed before bouncing into normal position at the end of the month. This is the first time it was recorded on a weekly post, so it is significant. Even more significant: single family inventory has fallen far below active inventory. This is a very healthy demand market, with a strong indicator of price gains.
I will wait until the end of the month to do any additional commentary, but the numbers we might have thought shocking a few years ago are definitely here.
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