Click HERE for the most recent issue of STAT from the fine folks at ARMLS who are in charge of the Valley MLS. They own and manage THE database so this information is real and paints an interesting picture. Monthly sales are down. New inventory has flattened out. Total inventory is up 46.8% year over year. Foreclosures pending are down 49.2% year over year. Days on market is up. So as the commentary states we have typical supply, low demand and stable prices. Phhoenix is ranked 8th in 'affordability'.
This, according to the commentary, is the best chart the writer has seen on how to judge whether it is better to rent than buy.
Click HERE for the chart.
The wildcard here in Phoenix is when will demand return? Hoping soon.