Phoenix, Arizona, could be seeing the bottom of its market. Inventory continues to increase, despite depressed home sales.
August saw just 9.7 percent of its available inventory sell, for an average price of $296,864. Days on market are considerably higher than last year at this time -- 96 compared to 59 days.
The good news for sellers -- homes have continued to appreciate at a healthy rate. Last August's average price was just $288,503.
The bad news -- sales are down by as much as 37 percent.
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Published: September 14, 2007
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