Several key housing indicators that predicted last year’s double dip in metro Phoenix home prices are now showing the market could be poised to start a slow rebound.
According to Cromford Report Mike Orr’s daily tracking of the region’s residential real estate data, most of the key indicators that turned negative at the end of last year’s second quarter are now showing positives signs:
Inventory, or supply of homes for sale, has been falling since late last November.
Pending listings - a precursor to home sales that tracks buyer interest - has been climbing steadily this year. There were 8,695 pending listings at the beginning of January, compared to almost 13,000 now.
Home sales were up during the first quarter, compared to last year’s steady pace.
There are two very important market gauges that haven’t turned around yet: pending and actual sales prices.
But Orr said the improvement in the other housing indicators could signal prices will climb during the next six to nine months.
Tom Ruff of Phoenix real estate data firm Information Market share Orr’s opinion.
“The numbers that made us pessimistic last July are the same numbers that are now making me optimistic,” he said.
Many homeowners may feel whipsawed by forecasts for a housing recovery during the past few years that didn’t happen. But the numbers tracking buyer demand and sales are the ones to watch.
Join us on our
Share this page with your friends
on your favorite social network: