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ARIZONA MARKET INDEPTH ANALYSIS –August, 2008

Resale Listings (active)

The listing count reported in the July Arizona Regional Multiple Listing Service (ARMLS) Reports, which were released on August 18th, was 53,546—down 280 listings from the June reports. The listing quantity has declined for the 4th straight month, and has now returned to approximately the same level as April 2007. With the exception of December 2007, the listing count has been fairly flat for the last twelve months. This current level, however, is substantially above the record level of listings prior to January 2005 which was 30,046 listings in February 2003.

Resale Sales (sold)

ARMLS-reported sales for July rose about 2% from the June sales figure with an increase of 218. On an annually adjusted basis sales were up 1,239 or over 26% from July 2007. This is the second month that there has been an increase in sales over the same month in the prior year since September 2005. July’s sales quantity is typically just behind June’s and seems to be doing a little better than the normal calendar cycle. In this normal calendar cycle, sales tend to be highest in the summer and then gradually taper off over the next few months before resuming the climb during the first quarter of each year. The winter months are consistently the lowest in sales.

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