Greater Phoenix May 2008 Home Sales News
June 16, 2008
Home sales in Phoenix Metro for May 2008
The ARMLS Greater Phoenix home resale numbers for May 2008 are in.
In May 2008 a total of 5,637 single family homes sold. This is down only 2.7% from 2007. That's not that bad. What is interesting is that the days on the market have gone down from 98 last year to 90 this year. Not much of a difference but its down none the less.
While homes sales are close to 2007 numbers the median price dropped from $305,000 in 2007 to $249,900 in 2008. That is an 18% drop in the median home price.
A total of 50,483 homes were listed in May compared to 51,013 last year. So inventory is down to 9 months or about the same as last year.
We'll have more information over the next few days, including some graphs.
