This Being The Floor Of The Market...

Drop in MLS listings could mark housing turnaround, from the Phoenix Business Journal, reports that the Arizona Regional Multiple Listing Service reported a drop in resale listings from the end of September to the end of October-- from 46,390 down to 46,228. That number includes 4,600 new homes. This is the first dip in the number of listings since March. Other good news--- sales topped out at 5,468, an increase of 40 from last September. "It only went down a little, but it went down," said Mike Chasse, a senior home builder advisor with Scottsdale-based Land Advisors Organization. "I've been antsy for two weeks (for the MLS monthly update) because I was seeing signs the market was balancing out," he said. Calling it a "milestone", Chasse said "I hope it stays and keeps coming down... we may be looking back at this moment as this being the floor of the market". A balanced home-sale market, he said, would be in the 33,000 listings range. Chasse predicted "we could experience a little bounce by mid-year."



http://www.bizjournals.com/phoenix/stories/2006/10/30/daily26.html?t=printable