Monday, June 18, 2018

Phoenix Real Estate in May: Sales up 3%, Active Inventory down 16% YoY

by Bill McBride on 6/18/2018 01:02:00 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 ("Stats Report", table below):

1) Overall sales in May were up 2.8% year-over-year.

2) Active inventory is down 15.5% year-over-year.  In some cities, it appears the inventory decline might be ending, but not yet in Phoenix.

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

May Residential Sales and Inventory, Greater Phoenix Area, ARMLS
  SalesYoY ChangeActive
Inventory
YoY Change
12-May8,435---12,932---
13-May8,7543.8%15,51720.0%
14-May7,659-12.5%26,24569.1%
15-May8,3198.6%21,569-17.8%
16-May8,6764.3%18,975-12.0%
17-May9,64111.1%18,688-1.5%
18-May9,9132.8%15,795-15.5%