by Calculated Risk 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
	Sales	YoY Change	Active Inventory	YoY Change
Jul-13	8,216	---	16,803	---
Jul-14	6,775	-17.5%	24,462	45.6%
Jul-15	7,914	16.8%	19,596	-19.9%
Jul-16	7,630	-3.6%	19,530	-0.3%
Jul-17	7,853	2.9%	17,433	-10.7%
Jul-18	8,380	6.7%	16,035	-8.0%