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Phoenix Metro Area Market Review - June 2012
Phoenix Metro Area Market Review - June 2012
June’s good news showcases an 8.1% increase in total sales, continuing the strong demand seen over the last twelve months. While all four pricing metrics (median and average new list price and sales price) declined slightly, they still continued on the same upward trajectory begun in September/October 2011. Phoenix Metro’s rise in home prices, despite the downtick in June, outpaces national and regional gains in other west markets. Foreclosures pending continued their decline. Total distressed property as a percentage of total sales ticked up 3.4%, but the overall trend line is declining.


Lack of inventory continues to frustrate Buyers and their Agents. The tightening noose of low inventory ex- presses itself in metrics such as DOM, which fell 10 days in June, and MSI, which dropped from 3.88 in January to 2.18 in June.

While total inventory for June is 19,857, the bulk (15,245)of that inventory lies below $350,000. Masking the lack of inventory is the inclusion of AWC listings (active with contingency) into the active/accepting backup offers bucket. Of the 15,245 listings below $350,000, only 8,892 are active, with 6,353 in the AWC status. Confusion about AWC, spawned by the industry ... more

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