If markets are anything, they are dynamic. The Arizona housing market is a perfect example. For years we did nothing but drone on about the intractability of Arizona's housing woes: the surging foreclosures, the soaring vacancies, the plunging home values, the mounting REO properties. The market was going nowhere but down, and there was no end in sight.

Now we find ourselves writing weekly on the Arizona recovery. A recent Bloomberg article reveals just how much the market has recovered, reporting that the inventory of previously owned houses for sale in Phoenix dropped 54 percent in April from a year earlier. This, in turn, has help lift the median sales price up 25 percent to $140,000.

This phenomenon of markets clearing happens almost imperceptibly at first, but then it becomes very perceptible. One month a prospective buyer is pondering a home he could buy for $200,000; the next month that same house lists for $220,000.

The point we want to emphasis is that markets turn much quicker than most market participants realize, which is why we continue to advise buyers not to wait until the turn is perceptible, because when that occurs the best deals vanish – Arizona is proof positive of that.

Courtesy of Jessica Regan.

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