There are 27,627 available residential properties on the market in Maricopa & Pinal Counties.
There are 22,438 single family homes; 10,586 are short sales; 3,336 lender owned (foreclosure) homes; which leaves 8516 “traditional” homes listed (not a short sale for foreclosure).
From August 1 to August 18 there have been 3,883 homes sold & there are 20,042 that are pending (waiting on short sale approval or waiting to close).
As you can see from the attached graph…home inventory (homes on the market) has been dropping every month since last November, 2010. This is beginning to force prices up & there are multiple offers for most listings.
Rates for today, 8/18/2011 (30 year fixed with 0 points) in the Phoenix area are 3.91% APR—4.92% APR
Rates are low , home prices are raising…Time to get off the fence!