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Reviewing Phoenix MLS sales data for the same week, one year ago, pending sales are once again up 15% this year, and closed escrows are up 9% this year over last year (last week's data indicated that sales over the same time period  was up 8%).

Interest rates have inched up VERY slightly this week, but are still incredibly attractive.

Current conditions in the Phoenix Market:

Today there are 44,702 single family detached listings actively being marked in MLS.  That is a decrease of 324 listings from last week. 

Total listings (including condos, town-homes, and patio homes) active in MLS today is 54,398, which is a decrease of 358 listings from last week.

The overall absorption rate (the number of listings going pending, versus the number of active listings) has remained at 10% again this week, with approximately 45% of those transactions being foreclosures.

The first quarter should help foretell how our market will appear in 2009.