The Phoenix housing market is defying conventional economic theory.
Inventories of homes for sale are low, falling 41% to 21,304 in October, compared to 35,732 at the same time a year ago for Greater Phoenix, according to the Cromford Report, a market research firm in Mesa, Ariz.
The number of home sales is rising—to 6,428 in October from 5,443 in same month a year ago, according to the Cromford Report. The city’s unemployment rate is inching down and is below the national average.
The laws of supply and demand suggest housing prices should be rising, or at least stop falling. …
The author of this article is: Jim Carlton
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