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.