As of August, still very pro seller in the greater Phoenix area. Statements that the market was evening out over the summer were premature. An example is the absorption rate. The absorption rate measures the rate at which homes are sold during a given time period. The metro Phoenix absorption rate peaked in March then slowed slightly for the next four months. The cooling trend stopped in August with the absorption rate moving a little higher indicating our market heated up again that month. Negligible new inventory was added in August so it is no surprise that the supply of homes continued to be very tight. Starting this month the typical seasonal slowing in price and absorption rate can be expected through the end of the year. But those factors will be muted as there are just not enough homes for sale. Sorry buyers!
