Arizona Home Sales Improve But Prices Continue to Drop

Arizona Home SalesThe Arizona labor market has begun to show some signs of improvement in recent months, although overall growth remains modest and home prices continue to fall, according to the State Monitor report released today by BMO Capital Markets Economics.

The Arizona economy continues to grapple with a depressed housing market. Home sales are continuing to chip away at the housing supply, up 9.2 percent year-over-year in the second quarter. Months’ supply in Phoenix dropped to levels essentially similar to before the downturn – three months in quarter two. Construction activity is extremely quiet, with little sign of momentum.

“The pace of price declines does not appear to be mellowing. Housing starts have averaged fewer than 13,000 through August and are not gaining traction. This compares to peak activity of about 85,000 in 2006,” said Robert Kavcic, Economist, BMO Capital Markets.

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