Overall MLS (Multiple Listing Service)  residential inventory is up about 4.5 percent from 4 weeks ago in Phoenix metro.  This morning that number is about 14,107 (active)  listings, compared to 13,477 (active) one month ago.  Sales are still very brisk, with homes that are in great condition and reasonably priced selling quickly in all price ranges.   With 7266 homes closing within the past month, inventory is riding at a little less than 2 months of supply.  The supply ratio varies across the price ranges, shrinking in the lowest ranges.

This month’s Stat report (from ARMLS – Arizona Regional Multiple Listing Service) shows that the number of homes sold/closed reduced from July of 2011;  listing prices are up; sales prices are up, with the median sale increasing to $146,000 across the city and area, and  the average sale rising to $197,000.

Are we going to be flooded with housing inventory in the near future?  Probably not:  Arizona foreclosure activity is slowing (Q2 MBA National Delinquency Survey Graph and Comments, 8/9/2012), and many sellers with equity think they will wait for further price gains (Expectation for Prices to Rise Deters Would-Be Sellers: Survey, DSNews.com, 8/20/2012).

 My prediction?  No balloon in sight!