Recent reports say foreclosures are declining in metro Phoenix and large numbers of homes are selling. But many homeowners feel trapped in houses they can’t sell.
Some real-estate agents can’t find enough new listings to keep up with demand from buyers.

But others say there aren’t enough buyers, and homes are selling too slowly.
The housing market in metro Phoenix may never have been as confusing as it is today.
Nearly five years after the beginning of the housing crash, the region’s market has fractured into countless different niches. Each niche is defined by who’s selling, what kind of home is for sale and where the home is located.

And each niche has become a market of its own.
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Some – such as the market for small central Phoenix foreclosure homes being sold at auction – are booming, with prices rising and a huge demand from buyers.

Others – for example, traditional resales of newer large family homes in some neighborhoods in the far west or southeast Valley – have ground to a halt, where homes seemingly won’t sell at any price.

Location is one traditional factor in a home’s value that still holds true. But in this market, its effect can be extreme. A seller in one neighborhood might receive 10 offers, while the owner of a similar house 5 miles away won’t receive any. In a market this splintered, once-reliable measurements just don’t provide enough information for buyers or sellers.
One reliable measure of real-estate activity was the number of homes for sale.

Traditionally, 20,000 to 25,000 homes on the market at any given time was considered normal. More than that meant an oversupply, and sellers might have trouble attracting buyers. Fewer meant a limited supply, a seller’s market with rising prices.

As the housing market crashed, too many homes had been built. The region’s inventory soared to more than 60,000 homes for sale in 2007, and prices plunged. Today, according to the online real- estate publication the Cromford Report, listings in metro Phoenix are at 27,400 and falling – traditionally, a sure sign of rising demand and rising prices to follow.
But agents and analysts see the same thing many homeowners feel. While some homes are selling easily, others simply won’t.