In our ongoing effort to post consistent and timely Phoenix housing 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 two months ago, “Phoenix Housing Market Update – May 31, 2012.”
Average Home Sales Price
The average home sales price slipped by a few thousand dollars this month, but is still almost 30% higher than it was this time last year – and that should be the real headline here! I doubt this downward trend will continue much longer, but I also don’t expect the average home sales price to rise much through the next six months of 2012 either. As the demand for housing flattens – which it typically does after June here in the Phoenix area – I expect the sales prices sellers are able to command will flatten, too.
Number of Houses for Sale
As I reported in an article earlier this month, the number of homes for sale in the Phoenix area has finally stopped falling. The break hasn’t resulted in very many more homes for sale (barely 1% – 2% more), but hey, we’ll take what we can get right now. Thankfully, this increase to the number of Active listings was not due to any dramatic turn in the distressed homes market, either. In fact, since last month, the number of foreclosure notices (formally called notices of trustee’s sales) and new bank owned homes has continued to decline. On the contrary, I don’t expect we’ll see another serious increase to the number of houses for sale until sellers who bought in 2005 and 2006 can finally afford to sell their homes again – which may be sooner than you think!
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Source: The Cromford Report