For the first time in two years home prices are going up in the city of Phoenix. Pay particular attention to the far right-hand column in this chart that's labeled "$$ sq ft" (price per square foot).
You'll see that the price per square foot increased from $66-$68 from March to April of 2009. I did not write about this last month because -- face it -- it's only one month. However, you'll also see that the price per square foot increased from $68-$71 from April to May 2009. Again, not earth shattering news, but it is the first time this has happened in 2 years.
Read the chart in this manner: May 2009 began with 7,035 active listings in the city of Phoenix. May 2009 finished with 2,212 of those listings being sold, which is 31.4% of all active listings in the city of Phoenix. This sales rate is equal to 3.2 months of inventory on hand. The average size of a sold home was 1,701 square feet. The average price was $121,169 -- which equals $71 per square foot. Note that the average days on market was 117 days.
If you're new to this blog and wonder why I place more emphasis on price per square foot-- click here.
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