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Reviewing Phoenix MLS sales data for the same week, one year ago, listing inventory is down by 4% this year, and new listings coming onto the market is down by 66% from one year ago.

Interest rates have inched back down again this week, and are at a levels that we will not likely see again in the near future.

Current conditions in the Phoenix Market:

Today, there are 42,661 single family detached listings actively being marketed in MLS.  That is a decrease of 2041 listings from last week.  That is the most significant week over week decrease that I have seen in quite some time.

Total listings (including condos, town-homes, and patio homes) active in MLS today is 51,821, which is a decrease of 2577 listings from last week.  Again, the most significant week over week decrease in quite some time.

The overall absorption rate (the number of listings going pending, versus the number of active listings) has increased to 11% this week.

Many lenders are successfully renegotiating loans with buyers in default or about to become in default.  This could explain some of the drop in inventory.  Melting the inventory is of course the key to returning to a stabilized market.