I know, I know, It’s late August and I haven’t posted the numbers from July yet.  What can I say?  It’s been a busy month!  I went to bed on July 31st and woke up this morning wondering where the month went.  Has that ever happened to you?  But now, the kids are back in school, summer’s coming to an end, the AC isn’t working quite as hard, the dog is passed out on the tile, and it’s time to get to business!

On the surface, the numbers from July 2011 can look a little disheartening after the record June we had.  But, when you look at the year over year numbers they perk up a bit.  Total single family home sales in July were 7,242 (June 9,547) according to the Arizona Regional Multiple Listing Service (ARMLesS).  That’s a 24% decrease!  Scaaaarrryyyy!  Not really folks.  July is a historically slow month for home sales in the Phoenix area.  The good news is the year over year numbers.  July 2010 sales were 6,006.  So, the YOY volume is up significantly!  Hate to rain on the joy parade, but the median home price (SFR) dropped from $119,000 in June to $116,500 in July.  Wait…  That’s still a good thing if you want to purchase a home!

The reality is, if you are looking to buy a home, all signs point to the market at or nearing the bottom.  Could prices continue to go lower?  I don’t know because I lost my crystal ball in a poker game in 2002.  But, if you look at the numbers, all indicators are pointing to higher prices in Phoenix in the foreseeable future.  I love that word, it covers almost everything.  Look… inventory continues to drop, rents are going up, and job growth is starting to look healthy again.  Now, I’m not an economic expert (I sell houses for a living), but when supply decreases and demand increases, don’t prices generally rise?

Now, more than ever, is the time to buy that second home.  Give me a call, I’m happy to help!