The overall data for November is in.  Sales for the month of November 2008 were up 36% from November of 2007.  Again, foreclosure properties make up just 19% of our listing inventory, but account for 45% of those that are selling.

Interest rates have dropped again this week, and that could bode very well for our market conditions.

Current conditions in the Phoenix Market:

Today there are 45,162 active single family detached listings in MLS.  That is an increase of 23 listings over last week.

Total listings (including condos, town-homes, and patio homes) in MLS today is 54,941, which is an increase of 24 listings over last week.

The overall absorption rate (the number of listings going pending, versus the number of active listings) has reduced to 10% this week.  This is typical market activity for the month of December, and is certainly an improvement over the 5% absorption we were seeing at this time last year.