Large sales volumes continue to be recorded in the Phoenix area real estate market. The sales in June 2009 reached 9,358, up slightly from May 2009's numbers. Sales over the last three months have been phenomenally high and rival sales during the boom years of 2004 and 2005. This continued demand for homes seems to indicate that prices are just too good -- and too low -- for consumers to resist.
High sales and a diminishing inventory are sure signs that we are slowly moving away from a buyer's market in the Phoenix area real estate market. However, read this article to clarify that statement.
We have now had 13 consecutive months of increases in year over year (YOY) home sales. Year over year (YOY) is a method to compare home sales in the current month to home sales in the same month of the previous year. YOY is considered a valid statistic by many who monitor real estate activity. Obviously, increases in YOY are more favorable than decreases, and these statistics are favorable for the Phoenix area real estate market.
Also, year over year over year (YOYOY) sales have increased for 7 consecutive months in the Phoenix area real estate market. As you can guess, this means that sales in the current month exceeded sales in the same months from the previous two years.
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