We still have a very strong housing market in the Valley and prices continue to increase. Such success in our market fosters the concern of when will the bubble pop. We need only to keep our eye on pending sales versus the inventory. Resale inventory is up but so are pending sales over the same period last year. We had a dip of 80 total units in Resale Homes pending for both counties in May compared to April. We almost made up that difference in New Homes with a one month bump of 64 units. New home inventories remain very low.
Courtesy of Mike Pennington MIRM,CSP,CGA,CGP – John L. Scott