A Glass Half Full – The March Housing Numbers
Resale home closings in the Phoenix metro area for March were up about 40% over February. But March’s housing supply was still well below normal. Total supply was 11.5% lower than March last year, and supply wasn’t that great in March, 2014. But there is good news. Inventory has fallen 15.5% year over year, which should result in rising prices if buyer demand picks up. And sales volume for the 1st quarter this year is up 10.5% over the last year, which is good, but again sales volume in the first quarter last year was very low.
So the strange concurrence of low demand and low supply at the same time continues, but should start to ease as the Spring selling season gains steam.