October 10th, 2011


This summer was a record summer for Single Family Residence leases. There were 6,892 single family leases signed compared to 5,664 in the summer of 2010. The numbers reflect the increasing amount of potential homeowners that can not buy due to foreclosures or short sales on their credit. 

Hopefully something is done to lower the amount of time needed to elapse to qualify for a new loan after a foreclosure or short sale. There are a very large number of possible home owners that  have these on their records due to the large drop in home prices.  If the credit requirements do not change, we will continue to see Arizona residents in leases that would typically own a home.

Even though leases are up,   sold inventory continues to post impressive numbers. 8,817 sales were recorded in Maricopa County in August of 2011. This compared to 7,358 for August of 2010. Median home prices are still slightly down compared to this time last year.

Overall, August was a great month for the Arizona housing industry. The more sales we have, the more the industry is turning over the vast amounts of REO and short sale homes on the market. These need to sell and we need to move to a more traditional market for the prices to rise again.

August 2011, Phoenix, Arizona Housing Numbers