Phoenix Realtor Bob Stahl reports the number of closed sales in March increased to 4,293 -- a 25 percent increase of February and the highest number of closed sales since August 2007.

The median price for resale homes in the Greater Phoenix area held steady in March at $220,000, which was unchanged from February but still 26 percent higher than it was in 2004.

And with 55,783 currently active listings in Phoenix, there is a 13-month inventory of homes, which is down significantly from the 16-month inventory seen there in February.

So what are the other bright spots for this market?

Stahl says builders are becoming even more aggressive in their pricing and incentives, and as a result they are seeing a significant increase in inventory sales.

And the reduction of excess inventory is good news, he says, as it brings them back toward a more normal market, but those builder's incentives may lure buyers from the resale market.

For more information on this market contact Bob Stahl at:
MyPhoenixMLS.com.