Below is a chart of single family home sales by month and by year total.  These numbers represent total single family home sales in Greater Phoenix.

(% Change from previous year)

	2005	%	2006	%	2007	%	2008	%
January	9,360	x	5,260	-44%	4,520	-14%	3,350	-26%
February	7,935	x	5,460	-31%	4,280	-22%
March	10,035	x	7,265	-28%	5,385	-29%
April	8,735	x	5,980	-32%	4,855	-19%
May	10,425	x	6,870	-34%	5,220	-24%
June	11,545	x	5,460	-53%	4,910	-10%
July	10,200	x	5,545	-46%	4,330	-22%
August	10,700	x	5,685	-47%	4,240	-25%
September	9,815	x	4,875	-50%	3,050	-37%
October	8,420	x	4,985	-41%	3,610	-26%
November	7,195	x	5,040	-30%	3,280	-35%
December	6,480	x	4,260	-34%	3,290	-23%
YTD	110,835	x	67,035	-40%	50,975	-24%	3,350
Total	110,835	x	67,035		50,975

(Date from ASU Realty Studies, Graphed by Artur Ciesielski) 

January 2008 started off with 3,350 sale in Greater Phoenix.  This is 26% lower then last year and 36% less then in 2005.  In fact sales are comparable to January 2002 which taking into affect the increased population the drop is actually greater since following logic, a greater population would mean more inventory but more sale as well.  None the less 3,350 is still a lot of homes sold.  The market is slow but it's not stagnant.