Phoenix home sales increase as prices move higher

Home sales are up, inventory is down and prices are improving slightly in the Phoenix metro area. That’s the latest assessment from the Arizona Regional Multiple Listing Service. There were 7,249 home sales in February. Sales above 7,000 are considered “robust,” according to the ARMLS monthly report. New inventory fell to 8,884, a decline of 15.8 percent as compared with February last year. Total inventory was 23,736, a decline of 41.6 percent as compared with February 2011. Average sales prices have been rising slowly from a low of $151,400 in August 2011 to $166,000 in February. Median sales prices also have climbed from a low of $108,300 in May 2011 to $122,000 in February. List prices also are increasing. Pending foreclosures have dropped. There was a high of pending foreclosures in November 2009 with 50,568. That compares with 17,833 pending foreclosures in February. Distressed sales as a percentage of all sales are declining. February’s 3,723 distressed sales represent 51.4 percent of total sales. That compares with the highest level in September 2010 when distressed sales accounted for 74.1 percent of total sales.

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