Season or trend? Phoenix real estate market slows

It's not unusual for the real estate market to slide into the doldrums in the fall and winter, but the Phoenix market was all but becalmed in November. According to the monthly Realty Studies Report from the W. P. Carey School of Business, total recorded sales came in at 6,845 last month — the lowest level of activity since January 2009. And foreclosure activity fell to 2,095 recordings, or 30 percent of the total market — the lowest since April 2009. Is this a new trend or primarily a factor of the season? Associate Professor of Real Estate Jay Butler, who compiles the report, says the complexity of the situation makes it difficult to say what this downturn portends.

It's not unusual for the real estate market to slide into the doldrums in the fall and winter, but the Phoenix market was all but becalmed in November. According to the monthly Realty Studies Report from the W. P. Carey School of Business, total recorded sales came in at 6,845 last month — the lowest level of activity since January 2009.

And foreclosure activity fell to 2,095 recordings, or 30 percent of the total market — the lowest since April 2009. Is this a new trend or primarily a factor of the season? Associate Professor of Real Estate Jay Butler, who compiles the report, says the complexity of the situation makes it difficult to say what this downturn portends.