Highest Home Sales in 10 Years
According to the Arizona Regional Multiple Listing Service, there were an astonishing 11,125 residential unit sales last month. This is incredible considering that there were more homes sold in June 2011 than were sold in June 2005, the height of the real estate boom. In fact, the 11,125 units sold in June 2011 is the most home sales in the month of June in a decade.
In addition to the impressive number of units sold in June, new and total inventory - a critical statistics signaling where we are in the real estate recovery - is down. For June, the total inventory was 29,203 units. The inventory number started being tracked in 2008 and this past month is the first time that number has been below 30,000.
And finally, pending foreclosures have dropped precipitously. In June, there were 27,616 pending foreclosures compared to 50,568 pending foreclosures in November 2009.
Though the median home price remains flat, the above statistics are all good signs that the housing market is slowly recovering.
There is a good write up on the June ARMLS report in the Phoenix Business Journal.