Ocotillo Homes For Sale are moving well, especially the minimal foreclosure inventory. Pending home sales rose strongly in May with all regions experiencing gains from a year ago, pointing to higher housing activity in the second half of the year, according to the National Association of REALTORS®. This also includes Sunbird Chandler AZ, Ocotillo Chandler AZ, and Power Ranch Arizona. Inventory in these areas is at an all time low, contrary to national news, in June the inventory of homes for sale in Metro Phoenix was as low as 21,000 homes. This supply shrinkage is a leading indicator of a market recovery assuming the demand remains high – which it is. Search for your dream home in Chandler AZ.
Regarding Ocotillo homes For sale, the pending home sales Index rose 8.2 percent to 88.8 in May from an upwardly revised 82.1 in April and is 13.4 percent higher than the 78.3 reading in May 2010. The data reflects contracts but not closings, which normally occur with a lag time of one or two months.
This is the first time since April 2010 that contract activity was above year-ago levels, and the monthly gain was the strongest increase since last November when the index rose 10.6 percent.
The NAR chief economist, said the improvement bodes well for home prices. “Absorption of inventory is the key to price improvement, and this solid gain in contract signings implies that home values in many localities are or will soon be stabilizing as inventories get absorbed at a faster pace,”
“In addition, a nonsensical situation has developed recently in some states with HUD unable to complete foreclosure deals because of insufficient funds to pay attorney fees at closing, even with buyers offering the full listing price,”
▪ The PHSI in the Northeast rose 7.3 percent to 69.2 in May and is 4.4 percent above a year ago.
▪ In the Midwest, the index jumped 10.5 percent to 82.8 and is 17.2 percent higher than May 2010.
▪ Pending home sales in the South increased 4.1 percent to an index of 95.0 in May and are 14.6 percent higher than a year ago.
▪ In the West, the index surged 12.9 percent to 100.6 and is 13.5 percent above May 2010.
In Phoenix we found that inventor is down to 3 months! the average sales price has dropped from $85 per square foot to $83.55 and foreclosure represented 44% of all sale while shorts sales represented 23% of total sales. These numbers are usually much better for Ocotillo AZ and surrounding areas in South Chandler AZ. Ocotillo homes are also very close to Chandler Regional Medical Center.
So if you are looking to purchase a home in the Phoenix area, or Ocotillo Homes for sale, understand that most homes are in a “multiple offer state”. Banks are demanding that appraisals be waived on their foreclosure homes and the market is definitely tightening. What this means to you is that if you are interested in Chandler AZ condos, or Ocotillo homes for sale, and you see a property that you like in this site…call me immediately. View Ocotillo AZ homes. Read about the amenities of Ocotillo AZ. as well as all the Ocotillo homes for sale.