September Update: Phoenix Real Estate Connection
- Noticing fewer For Sale signs on your street than a year or two ago? Phoenix home sales activity continues at somewhat slower, but still brisk pace. Active listing inventory is still reducing, but the pace of that reduction has ebbed slightly from earlier this summer. As of this morning the active listings total about 19,291, down more than 600 listings from approximately 4 weeks ago.
- Stagnant sales no longer: Homes sales recorded in our MLS (multiple listing service) for August totalled about 8711. This was higher than July’s approximate 8493, and about 1700 more dwellings sold in Phoenix last month that in August 2010.
- To quote the “experts”: The Case-Shiller Index, 8/30/11, reports that (bad news first) Phoenix home prices are down about 9% from June os 2010, however – now the good news- they notched up .3% in June from the previous month. Nationally, recent home price gains have erased 2011 first quarter drops.
- Mortgage rates are again at historic lows, but sadly, many homeowners wanting to refinance are underwater (owing more than the home would sell or appraise for), or simply have credit scores too low to qualify given today’s stringent underwriting standards, see One-third of Americans Score Too Low for a Mortgage.