Housing Doom Housing Bubble Blog

An AP article by Deborah Yao in today’s AZ Republic quoted , Toll Brothers CEO Robert Toll.  He stated yesterday that a strong economy will spark a housing-market rebound after excess inventory from speculators is shaken out, perhaps very soon.  Demand will be driven by buyers who are biding their time waiting for better incentives or lower prices.

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Sales of homes in Gilbert, AZ this week totalled 84, down from 171 five weeks ago.  This is a reduction by more than half, in the time of year when sales should be increasing.  According to data obtained from ZipRealty.com, inventory in Gilbert is at 2696- up from last weeks 2552.  That would be more than 5% in one week.

Of note was the sales of homes worth over $700,000.  Only one home over $700K was sold this week.  As there are 141 homes currently on the market in Gilbert at that price, it would take 2.71 years to clear the inventory.  If sales continue to decline as per recent weeks, and inventory continues to grow, there should be greater than a three year supply very quickly.