Secondly, the Arizona MLS builders are leveling out and regrouping, reports a September Arizona Republic article. After a tremendous growth spurt in the earlier part of the millennium, some small builders left the scene and some moderate builders have foreclosed, leaving behind the strongest firms. "The Valley’s new-home market is in transition, and we are probably only halfway through that transition," said real-estate analyst RL Brown. "Now, home builders are re-evaluating where and for what price range they can sell homes."

Thirdly, Arizona MLS sales volume went up 11.2%. Inventory of single family homes in the Phoenix real estate market fell by roughly 600 homes. There were 4,434 sales in August 2008, according to the Arizona MLS, with Phoenix accounting for roughly a quarter of those sales. Mesa, Queen Creek, Chandler, Gilbert, Surprise, Glendale and Scottsdale also sold hundred of properties last month. Forecasters say it may take 10 months to a year for all the existing homes to be usurped, but the low-priced foreclosures are too enticing for buyers to pass up. "The number of homes sold continues to increase throughout the Valley – again demonstrating that home buyers are taking advantage of lower prices and existing inventory levels are falling," reports Arizona MLS housing analyst Bob Stahl. "Once existing inventory levels (supply) meet the demand for housing (which is strong), the housing market in Greater Phoenix will begin to recover."

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