This week's chart is below. As always, red indicates the value moved in the 'wrong' direction (away from a balanced market), while green means the value moved towards a balanced market.
It's interesting to note that most of the red in the "Months of Inventory" column is in the ZIPs that lay closest to the central Phoenix business corridors, while most of the green in this column is in the outlying ZIPs farther from center city.
I've always felt that central Phoenix is due for a renaissance as homeowners realize that a large, new McMansion far from the city isn't such a great deal if you spend several hours a day in the car commuting to work in the downtown corridors.
I've even heard some homeowners state this idea out loud: "Sure my house is 40 years old and it's got a few issues like any old house would, but I'm only 10 or 15 minutes from work, so that tradeoff works for me. More time with my family trumps a bigger house."
This week's chart doesn't support that theory at all. Of course, looking at weekly stats kind of gives one a "can't view the forest for the trees" perspective, so I'll hang on to my theory for now and just keep watching the numbers.