Monday, August 20, 2018

Phoenix Real Estate in July: Sales up 7% YoY, Active Inventory down 8% YoY

by Bill McBride on 8/20/2018 11:04:00 AM

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 July were up 6.7% year-over-year.

2) Active inventory is down 8.0% year-over-year.  This is the smallest YoY decrease in almost two years.  In some cities, it appears the inventory decline might be ending, but not yet in Phoenix.

This is the twenty-first consecutive month with a YoY decrease in inventory in Phoenix.

July Residential Sales and Inventory, Greater Phoenix Area, ARMLS
  SalesYoY ChangeActive
Inventory
YoY Change
Jul-138,216---16,803---
Jul-146,775-17.5%24,46245.6%
Jul-157,91416.8%19,596-19.9%
Jul-167,630-3.6%19,530-0.3%
Jul-177,8532.9%17,433-10.7%
Jul-188,3806.7%16,035-8.0%