According to the Cromford Report, active listings of resale homes in Greater Phoenix were down to 23,178 in June from 24,756 in May and 25,785 a year ago. Resales, on the other hand, were at 9,523 in June compared to 9,858 in May and 8,996 a year ago. As a result of the supply/demand crunch, home prices continue to increase. The median price of resales was $245,000 in June compared to $240,000 in May and $230,000 a year ago.
An indication of how much the housing market in Greater Phoenix continues to improve can be seen by foreclosure data. Foreclosures are now lower than the early 2002 boom and continue to decline (see chart above). This is true for notices of foreclosure (down 5.5% from a year ago), residences foreclosed (down 33.1% from a year ago), residential REO properties (down 25.2% from a year ago) and distressed property inventory (down 21.5% from a year ago).
Article by: EDPCo
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