by Bill McBride on 1/11/2017 02:31:00 PM
Wednesday, January 11, 2017
This is a key housing market to follow since Phoenix saw a large bubble and bust, followed by strong investor buying.
The Arizona Regional Multiple Listing Service (ARMLS) reports (table below):
1) Overall sales in December were up 5.9% year-over-year.
2) Cash Sales (frequently investors) were down to 23.1% of total sales.
3) Active inventory is now down 2.9% year-over-year.
More inventory (a theme in most of 2014) - and less investor buying - suggested price increases would slow sharply in 2014. And prices increases did slow in 2014, only increasing 2.4% according to Case-Shiller.
In 2015, with falling inventory, prices increased a little faster - Prices were up 6.3% in 2015 according to Case-Shiller.
This is the second consecutive month with a YoY decrease in inventory following eight months with YoY increases. This might be a change in trend - something to watch.
|December Residential Sales and Inventory, Greater Phoenix Area, ARMLS|
|1 December 2008 probably includes pending listings|