by Bill McBride on 5/07/2015 05:31:00 PM
Thursday, May 07, 2015
For the fifth consecutive month, inventory was down year-over-year in Phoenix. This is a significant change from last year.
This is a key distressed market to follow since Phoenix saw a large bubble / bust followed by strong investor buying. These key markets hopefully show us changes in trends for sales and inventory.
The Arizona Regional Multiple Listing Service (ARMLS) reports (table below):
1) Overall sales in April were up 9.3% year-over-year.
2) Cash Sales (frequently investors) were down to 25.3% of total sales.
3) Active inventory is now down 13.2% year-over-year.
More inventory (a theme in 2014) - and less investor buying - suggested price increases would slow sharply in 2014. And prices increases did slow.
Now, with falling inventory, prices might increase a little faster in 2015 (something to watch if inventory continues to decline).
|April Residential Sales and Inventory, Greater Phoenix Area, ARMLS|
|Cash||Percent Cash||Inventory||YoY Change|
|1 April 2008 does not include manufactured homes, ~100 more|