Phoenix Real Estate Homes Sales Update
June 17th, 2008 categories: Market Trends
The ARMLS Greater Phoenix home resale numbers for May 2008 are in.
In May 2008 a total of 5,337 single family homes sold. This is down only 2.7% from 2007. That’s not that bad. What is interesting is that the days on the market have gone down from 98 last year to 90 this year. Not much of a difference but its down none the less.
While homes sales are close to 2007 numbers the median price dropped from $305,000 in 2007 to $249,900 in 2008. That is an 18% drop in the median home price.
A total of 50,483 homes were listed in May compared to 51,013 last year. So inventory is down to 9 months or about the same as last year.
We’ll have more information over the next few days, including some graphs.
from: phoenixmarkettrends.com
