August Market Report for Metro Phoenix and Scottsdale
Basics
Inventory of SFR 30K up 4%
but last month increased 6% to rate of increase is declining
Pending Homes 13.3K down 5%
but last month it dropped 7% rate is declining
Closed 6,323 UP 5%
breaking the trend caused by the expiration of the tax credit
New Sales, homes under contract in August 5,345 up 12%
not only did this break the trend, but seasonally home sale drop from July to August. They don’t increase 12%
New to the market 6545 down 1%
Months of supply is 4.8 months
product Mix for August was
COE Pend Available
REO 36% 23% 20%
SS 33% 56% 31%
Retail 33% 21% 49%
For the first time Short Sale closings were over 2,000
65% of closings are vacant
52% of pending are vacant
52% of available are vacant
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