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Although there is still a saturation of inventory on the market, comparing the sales data for this week to the same time period last year, pending sales are up 15% this year, and closed escrows for the week are up 8% this year over last year. 

Just when you think that they cannot get any lower, interest rates have decreased again this week, which should have a positive effect on the market.

Current conditions in the Phoenix Market:

Today there are 45,026 single family detached listings active in MLS.  That is a decrease of 136 listings from last week.

Total listings (including condos, town-homes, and patio homes) active in MLS today is 54,756, which is a decrease of 185 listings from last week.

The overall absorption rate (the number of listings going pending, versus the number of active listings) has remained at 10% this week. 

We are noticing quite a bit of buyer activity in the past few weeks, which is a bit unusual for this time period in December, but is certainly driven by affordability and interest rates.