Median Price up sharply in May
Inventory may have reached bottom
Prices may start bringing more Sellers into marketPending: 12,289 ( -362 from 5/30)
Pending Sfam: 10,674 ( -347 from 5/30)
AWC: 7,600 ( -113 from 5/30)
AWC Sfam: 6,616 ( - 95 from 5/30)
Active: 12,839 ( +188 from 5/30)
Active Sfam: 9,983 ( +200 from 5/30)
Closed 5/28-6/3: 2,380
Closed Sfam: 2,032
Closed May: 8,434 ( -14 from April 12)
( -1,362 from May'11)
Median Price May: $146,000 ( +$7500 from April'12; +$37,000 from May'11)
New Listings in May: 9,562
Sorry I missed last week; it couldn't be helped as myself have become fairly busy. There is something different in the air in Arizona; people are feeling far more confident, you are seeing far more construction activity in new home subdivisions, and buyers appear to be pursuing homes in earnest; both investors, and owner occupants.
The May stats continue to show a pretty strong rebound for housing in the Phoenix area. Prices are much stronger again; inventory, while perhaps bottoming, is still near record lows; closings, while lower than last year, are running about where they have been all year, as lack of inventory weighs on Buyers ability to purchase.
I do think we may see the stronger sales season that traditionally ends in June continue on into July and August, as buyers unable to complete transactions during the busiest times can now perhaps find something. Some will be driven out of the purchase market by the higher prices as well, but I do think we will see good sales going on through the summer.
