Updates from STAT (Arizona Regional Multiple Listing Service’s monthly statistics report for Phoenix Metro), Nov 4, 2011:

• Prices getting a lift?   The median listing prices rose in October by 6.1% to $139k.
• Sales prices not budging yet:  The metro area median fell slightly to $112,000, and the average more slightly to $153,400.
• Month over month sales have been trending down since June.  Metro Sales dropped in October from September – but have done so in 7 of the last 10 years, so this drop is viewed as seasonal.
• Goodbye buyer’s market:  With less than 4 months of inventory listed, market forces are “balanced”   between sellers (supply) and buyers (demand).   While this balance varies across micro markets, or communities, it’s considered a metro-wide sign of market health.
• My 2 cents:  Inventory is sitting in the mid to high 19,000’s across the valley.  At this moment, there are 19,654 active/available MLS listings. Four weeks ago, that number was about 19,586.  However, inventory has dropped in several micro markets (towns or communities).  Well priced homes in great condition continue to spark multiple offers – and this is not rarely.
• Pending foreclosures declined by only 344 units to 23,211 in October.  STAT formerly predicted that this number would drop below 10,000 before end of 2011, but the easing of this trend prompts ARMLS to modify their prediction on this  accomplishment, saying this drop may not occur for several months… perhaps beyond 2012.
• Distress sales were nearly 65% of total sales in october.  Distress sales include foreclosures and short sales, with foreclosures the larger number of the two (35% in october, with short sales at 29%).  However, short sales are increasing with foreclosure sales decreasing, indicating banks are beginning to pull the trigger at short sale stage, which helps more owners to avoid foreclosure.