In spite of repeated assurances by David Lereah that "the worst is behind us," the Phoenix housing market continues it’s downward slide. One of our favorite agents gave us an unofficial "sneak peak" at January’s numbers:
ALL MLS- January 2007
Sold- 3,895
Active- 44,912
Under Contract- 7,027
According to historical MLS data provided by our friend- realtor Jonathan Dalton, this is the slowest January since 2001, and the first month since that time that sales fell below 4,000. Inventory however, has started to pick up again. 44,912 listings is slightly above December’s 44,247.
In November the NAR’s chief economist stated:
"It’s the hot boom cities [i.e. Phoenix] – that is where the problem is," Lereah said. "But these were the boom markets because they had good economic fundamentals, and for the most part that is still true. This is a temporary correction in these hot markets — but how you define temporary I just don’t know."
