Notes and Opinions from one of Arizona's Most Trusted Loan Teams

ZipRealty Inc. reports a 0.5-percent drop in housing inventory in 29 big metropolitan areas in July from the prior month, attributing the decline to sellers pulling their homes off the market. Housing supply fell 4.2 percent in Boston and 3.5 percent in Tucson but rose 6.9 percent in Sacramento and 6.1 percent in Phoenix. In Florida, inventory held steady in Orlando but slipped 0.8 percent in Miami-Fort Lauderdale and 0.5 percent in Tampa. Year-over-year, ZipRealty calculates that supply fell 3.8 percent in the 18 markets where year-ago numbers were available. Meanwhile, the National Association of Realtors reports an 11-month inventory, or 4.5 million units up for sale, at the end of June.
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From "Housing Inventory Drops as Some Sellers Retreat"
Wall Street Journal (08/13/08) P. D2; Hagerty, James R

Having at least some sellers take their houses off the market is still a boost for the ones that remain listed. In addition, ARMLS is reporting that the housing inventory in Arizona is sharply divided by price range. There is a 17 month supply of homes over $350,000, but only a 7 month supply of homes under $350,000. For those of us who specialize in more affordable homes, this is a very good sign that the market is starting to recover. JL