by Calculated Risk 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
	Sales	YoY Change	Active Inventory	YoY Change
12-May	8,435	---	12,932	---
13-May	8,754	3.8%	15,517	20.0%
14-May	7,659	-12.5%	26,245	69.1%
15-May	8,319	8.6%	21,569	-17.8%
16-May	8,676	4.3%	18,975	-12.0%
17-May	9,641	11.1%	18,688	-1.5%
18-May	9,913	2.8%	15,795	-15.5%