Homes Sales Jump 10% last Week

Many of you know, I track the market on a weekly basis. Sometimes it is overwhelming, like seeing a wave come in, I know when something is up. Last March I heard a bit about sub prime issues and didn't think too much about it. However, when I registered a slide in sales for the single family homes in the metro Phoenix area during March I knew something was going on. After registering 1,264 sales for the last full week of February, March slid. 1,196, 990 and then 867; I thought what the heck is happening. It was wave one of the sub prime fall out.
Later this year we were averaging about 1,000 sales per week when wave two of the sub prime hit. Sales plunged to a mere 516 in mid September, but have slowly stabilized at 600 sales per week. Finally a jump. Last week we sold 673 homes for the week. Again this is only single family homes registered as sold in ARMLS (Arizona Regional Multiple Listing Service). That is not near the 1,100 that would be normal for this time of year, but it is 9.8% jump of last week. This is a great number considering we are moving into the holiday season when sales typically slow, not increase. Buyers great deals are out there, just look and take em!