Posts tagged ‘Feb 2009 MLS home sales report’

A Positive Turn in The Arizona Real Estate Market

CNN reported an increase in mortgage application by 11.3% ending for the week ending in March 6, 2009. The demand was sparked by very low interest rates and low home prices. Mortgage applications included refinance and purchases.
MLS reported an increase in home sales of existing homes in Arizona from 4,726 in January, 2009 to 5,457 in February, 2009. Pending sales which is indicative of future sales increased sharply to 7,975 ending March 1, 2009. The inventory of homes for sale dropped below the 50,000 mark for the first time in many months.
If this trend continues, we should see a decrease in supply of homes and an increase in demand which will lead to a healthy real estate market.

These are all good news for the real estate market and the economy as a whole.

March 15, 2009 at 9:09 am 2 comments