Last year was an unbelievable year for home sales in the Phoenix area- no question. When people in real estate say that you can’t just compare year-over-year – they are right. When they say we are back to a "more normal market" they are dead wrong.
Following shows how the “Efficiency Rating” for the Phoenix area home market. (Data from AZ MLS) Months with values near “1” are efficient, higher values are less efficient. The Phoenix market is traditionally more efficient in the summer.