Phoenix Real Estate Market: Not So Good. But be Glad You’re Not In South Florida

A Wall Street Journal (Online) article today has this to say about the home listing inventory in Florida's Miami-Dade County:

In Miami-Dade County, the supply of condos is enough to last about 57 months at the current sales rate, while the supply of single-family homes is 38 months

Ouch. Makes the current Phoenix home inventory supply of 17.6 months seem not so bad.

The WSJ article contains a link to a table showing quarterly housing indicators for 28 major markets. The data includes: percent change in housing inventory and prices (year over year), employment outlook and percentage of loan payments 30+ days overdue (Phoenix is below the national average on this one, which surprised me).

Here's the table, click the link above or the image if your eyesight is as poor as mine…

[tags]housing indicators[/tags]

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Barry Cox

Ouch that hurts. On a positive note, I saw on the local news tonight that new home sales were up over 4% over last month. A step in the right direction :)

Furniture Store

That is a very low rate of sales or a very high rate of construction. Such a situation is bound to bring down prices further.

Maureen Francis

Look! I am in the only market that got a "very weak." I feel special.

Dining Room Set

Good that you are in the right place after all! I hope that Anonymous is reading this!

Late Night Austin Real Estate

57 months. The last time the real estate market went south did any areas have that much inventory? That just seems insane.

Dru Bloomfield

Jay,

I saw this WSJ article and was very surprised with the Phoenix employment outlook. I'd just finished reviewing Pollack's latest numbers, and while we've dropped from #1 in the nation for job growth in 2005-6, we are sitting at #4 for 2007 year to dayte, which to me seems above average.

Jay - The Phoenix Real Estate

Dru - Ditto. Phoenix's unemployment rate has been best in class for quite some time. I suspect forecasts for construction related employment are starting to show declines, but other elements of the job market are strong.

I went to Moody's where the WSJ got these outlooks, but $200 for their Phoenix Metro area employment report seemed a little steep...