Tuesday, May 15, 2018

Phoenix Real Estate in April: Sales down 9%, Inventory down 26% YoY

by Bill McBride on 5/15/2018 03:29:00 PM

This is a key housing market to follow since Phoenix saw a large bubble / bust followed by strong investor buying.

The Arizona Regional Multiple Listing Service (ARMLS) reports (table below):

1) Overall sales in April were down 9.3% year-over-year (including homes, condos and manufactured homes).

2) Active inventory is now down 25.7% year-over-year.    In some cities, it appears the inventory decline might be ending, but not in Phoenix!

This is the eighteenth consecutive month with a YoY decrease in inventory.

April Residential Sales and Inventory, Greater Phoenix Area, ARMLS
SalesYoY
Change
Sales
CashPercent CashInventoryYoY Change
Apr-084,8751---98620.2%55,7261---
Apr-098,56475.7%3,46440.4%44,165-20.7%
Apr-109,2618.1%3,64139.3%41,756-5.5%
Apr-119,3280.7%4,48948.1%34,515-17.3%
Apr-128,438-9.5%4,01347.6%21,125-38.8%
Apr-138,7443.6%3,67042.0%20,083-4.9%
Apr-147,656-12.4%2,46932.2%29,88948.8%
Apr-158,3689.3%2,12025.3%25,950-13.2%
Apr-168,4370.8%2,00823.8%27,2324.9%
Apr-178,8194.5%1,98022.5%24,230-11.0%
Apr-188,002-9.3%1,83622.9%18,007-25.7%
1 April 2008 does not include manufactured homes, ~100 more