News Article From: 12-28-2006
he first article, Valley home inventory slowly dropping, from the East Valley Tribune, reports that after shooting up rapidly in 2006, the number of existing Valley homes on the market has inched down in the past couple of months. About 43,800 homes are currently up for resale, down from a peak of roughly 48,000 two or three months ago, said Robert Rucker, CEO of the Arizona Regional MLS. "I think it's good to see the inventory levels dropping even if it's just 3,000 or 4,000," he said. Rucker said he expects to see inventory levels continue to drop to more normal levels in the coming months. Historically, the Valley has averaged 30,000 to 35,000 home listings at any given time, he said. Look for this trend to continue as builders and home sellers reduce prices to move the excess inventory.