Phoenix Real Estate – Housing Market Largely Steady

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RISMEDIA, July 3, 2008-The Phoenix housing market showed modest changes across all measures for the start of the summer season, consistent with prior years. Inventory is down slightly at 1.8% from the previous month. Month-to-month sales did show a noticeable decline though June data revisions may close that gap somewhat. The median home price continued to drop, posting a 1.5% decline since May. For 2008 to date, the median home price has dropped over 8%.

Market Hotspots

The market really is split into two halves-properties priced above $400,000 and properties priced below $400,000. Homes priced under $400,000 represent 88% of properties currently under contract. Looking at it another way, “absorption,” as measured by the percentage of available homes currently under contract, averages 17.4% for properties priced under $400,000. For homes priced above $400,000, only 7.3% of properties are under contract. Understanding these market differences and dynamics will help sellers to better position their properties for success.

Additional Highlights

Activity levels steady to slight dip consistent with onset of summer season.

Under $400,000 market segment makes up 88% of properties currently under contract and represents market hotspot.

Home sellers in the lower end of the market will have different strategies and tactics to sell successfully compared to home sellers in the upper end of the market.

Maricopa and Queen Creek still lead the market based on pending sales. Ahwatukee, Chandler, Gilbert, Tempe not far behind.

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