The numbers continue improving a little bit each month. Sales are increasing and we're back to nearly 5,000 sales a month. That's a nice, healthy, "normal" pace for home sales. Inventory of homes for sale is holding steady at 56,000. The number of homes pending under contract jumped again to 8.74% (from 8.20% about 3 weeks ago and a dismal 6.06% at the beginning of this year). We've got an 11.44 month supply of homes for sale, which is lower than its been since I began tracking these stats last October. The number "should" be 6 to be considered normal, but we're digging out of a pretty deep hole, so it'll take some more time.
(Months supply means if no one else listed their home for sale, and we continued selling homes at the current pace, it would take 11 and one-half months to sell all the homes currently on the market)
Combined with anecdotal evidence from just about every Realtor and title officer I know, who all say that they're busier than they were during the height of the boom, and I think this is encouraging news. Jonathan Dalton sports some awesome numbers over at his website, Daltons AZ Homes that show lots of our market activity is coming from people buying lender-owned and short sale homes. I'm just happy to see a continued decrease in the 'months supply' number.