Phoenix housing market lacks supply of homebuyers.  The market is still plagued with to much inventory and not enough buyers. Housing prices and sales fell 5 percent in the month of August.  Many would buy tomorrow if they could but with tighter mortgage guidelines they can not qualify for financing.  Nearly one third of the homes that are selling are to investors that are picking up homes at bargain prices.  If one can qualify though now is a great time to buy with record low mortgage rates and it is a buyers market.