Sales and Pending Sales Trend over 1 year

Below is the trend of sales and properties in escrow for home resales over the last year for the entire Phoenix Metro area.  As of right now October is looking to be about even with September sales.  Properties with a status of Pending appear to be looking a little stronger.

Below is the number of homes on the market each day for the last year.

As can be seen from the chart we are WAY over where we were at this time last year.  The amazing thing is 48% of those on listed as of today are VACANT!



Home Sales Plunge by 8 Percent Nationally

Sales of existing homes plunged by a record amount in September as turmoil in mortgage markets added more problems to a housing industry in its worst slump in 16 years.

The National Association of Realtors reported Wednesday that sales of existing homes fell 8 percent in September, the largest decline to show up in records dating to 1999. The seasonally adjusted annual sales rate of 5.04 million existing homes was also the slowest pace on record.

Read the whole article:

http://biz.yahoo.com/ap/071024/economy.html?.v=8

Best Places To Live? - Phoenix is one of them.

According to an article in Resident Publications Phoenix is one of the better places to live.

Check out the article here.

September Sales Down Nearly 21%

The sale of existing homes fell 21% compared to August sales.  This is most likely a fallout from the mortgage issues that we experience in August.  We are still at about 57,000 homes on the market with 47% of those being vacant.  In September 3,300 homes were sold which is lower than any month in the past 6 years.  So far October is showing some signs of an improvement over September.  At the September rate of sales we have 17 months worth of inventory.  Look for October to equal or surpass August sales of 4,200.  The best bet at this point is to hold off on selling your home until after the first of the year.