More good news on the Phoenix real estate front?  In Phoenix-area housing may be on the mend (azcentral.com 1/6/12), per the Information Market, our median price hit bottom last August at a$112,000, but by last month, had risen to $120,000.  Further, Mike Orr of the Cromford Report is quoted as saying “the housing market definitely saw the bottom in August or September of last year.”

Considering this morning’s total ARMLS (our MLS or listing service) is about 18,500 dwellings, and this number is roughly 1/2 what we had first quarter 2011, I would strongly agree.   I will add that the article linked above says inventory has dropped to 25,000.  That includes homes in AWC category – under contract, not yet pending – homes that aren’t truly available for sale – so not the real number,  in my opinion.

This is welcome progress for home owners, as well as current or prospective sellers.  The sinking floor on pricing has firmed, and in some locals, finding traction.  For home buyers out to take advantages of shockingly low prices (I am showing a home this afternoon that is listed at $10,000 higher than it sold for in 1998 …. and it’s in nice condition), and even more shockingly great interest rates:   you will find pickings are a little slim.  You may have to modify your wish list to the most important bullets in order to acquire a home in the location you want to live.