In our ongoing effort to post consistent and timely real estate market updates, here below is a Concise Market Snapshot from The Cromford Report, and my own short commentary afterward. For a frame of reference on this month’s numbers, you may want to take a quick look at my post last month, “Phoenix Housing Market Update – April 30, 2012.”

Phoenix Housing Market Update – May 31, 2012

Average Home Sales Price

With the median home sales price now above $145,000, it is officially higher than it has been since December 24, 2008. For those still wondering if we’ve hit the Phoenix real estate market’s bottom yet, today’s median home sales price is also more than 35% above the low point of $107,000, which was reached back on February 24, 2011.

Number of Houses for Sale

Last year, I wrote “Phoenix Lender Owned Update – June 30, 2011,” and said, “as the number of active REO listings continues to fall, we will see other facets of the Phoenix real estate market begin to improve with it.” Thankfully, over the last 11 months, we have seen the number of active REO listings plummet and, sure enough, many aspects of the market have improved. This month, we have even more good news to report. For the first time since before 2008, the number of REO listings without a contract on the Multiple Listing Service (MLS) fell below 1,000! That’s down from the peak count of 14,237 on January 16, 2009.

Whether you’re thinking about buying or selling a home in the Phoenix area right now, I think there was a little something for everyone in today’s housing market update. Many home sellers, for example, can finally sell their homes for a modest profit this year. At the same time, many of our buyer clients have recently qualified for rates as low as 3.75% and purchased homes 30% – 40% below their peak values.

**If you would like a chart, similar to the one above, prepared for your own city or zip code within the Greater Phoenix Area, just post a comment below, send us a message on our Contact Us page, or give us a call the old fashioned way! We would love to hear from you.**

Source: The Cromford Report