July numbers for the Phoenix market
Active listings are up 3.6 %.
Pending listings are down 31.8 % (which will be reflected in closings over the next couple of months)
Sales are down 23.8 %
Months supply is up 30.6 % from 4.6 months to 6 months
The market splits around the $225K mark. While numbers trend down below this mark, they trend up above it. The higher markets weren't affected as much by the tax credit influencing purchasing habits. Additionally, the credit didn't apply for purchases over $800K.
The overall trends are expected to continue at least in the short term and I along wtih everyone else will be keeping an eye on it.
Adam Tarr PC
Citywide Real Estate
Phoenix, AZ
480-236-7374
adam@WeAreAZRealEstate.com