Number of Months Supply of Homes on the Market
Metro Phoenix

Las Vegas home prices increased a phenomonal 52% in the second quarter of 2004 (April through June) compared to the second quarter of 2003.

"That is the biggest annual home-price increase in any metro area on record," according to the National Association of Realtors, "A close examination of the data shows why—Las Vegas only had a 1.7-month supply of homes on the market in the second quarter, compared with a 4.2-month supply for the nation as a whole."

Okay, there's a ton of speculation about whether Phoenix will go the route of our neighbors California and Las Vegas and see huge home price increases.

If Las Vegas had only a 1.7 month supply of homes in the second quarter, what was the number in Phoenix?

According to my calculations, metro Phoenix had a 2.2 month supply of homes in the second quarter.

Will Phoenix go the way of Las Vegas?

I hope not. The steep price increases you see in California and now Las Vegas often lead to devastating price declines later. Arizona hasn't traditionally seen the crazy price increases... or declines... seen in California.

But it could happen here. Metro Phoenix had only a 2.0 month supply of homes in June and July. And August is often the lowest month for supply, so the number could be even lower in August.

On the other hand, supply tends to increase from August to January as sales decline seasonally. That's good news for the many frustrated buyers who submitted full price offers but lost out.

But then again (on third hand?), I hear prices in California and Las Vegas have levelled off. If those investors bail out and bring their money into Arizona, who knows if the market will loosen up much this Fall.

CLICK HERE to see the newest Arizona real estate price graphs. Then click "read more" to see full report with graphs.

Archive of Arizona Real Estate Reports

Phoenix real estate market at a glance - Updated May 19, 2006

Arizona home prices - Graphs - Updated June 9, 2006

Arizona home prices - Table - Updated June 9, 2006

Archive of Arizona Real Estate Reports

Number of Months Supply of Homes on the Market Metro Phoenix

Will Phoenix go the way of Las Vegas?

CLICK HERE to see the newest Arizona real estate price graphs. Then click "read more" to see full report with graphs.

Archive of Arizona Real Estate Reports

Archive of Arizona Real Estate Reports

Number of Months Supply of Homes on the Market
Metro Phoenix