Many thanks to M for our early sales preview for Phoenix home sales.
According to ARMLS this morning, sales and listings for July were as follows:
Under Contract 5,399
Remember that agents have a couple of days to get their sales in, so it is expected that the sales figure will creep up slightly. Also recent difficulties in the mortgage market may increase the percentage of pendings not closing, which may affect future sales.
According to ARMLS, 6093 properties sold in April of last year, so July 2007 sales will probably end up lower by around 20% YOY. This probably will be the slowest July since 2001, when 5638 homes sold. [The earliest year for which I have data.] 5439 properties sold in June 2007, so it looks like the MOM decline could be significant as well.
What can I say folks? The Phoenix market is lousy, and looks to continue its downward slide through the rest of the year.