by Calculated Risk on 9/18/2018 05:16:00 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 August were down 0.9% year-over-year.

2) Active inventory is down 7.8% year-over-year.  This is the smallest YoY decrease in almost two years.  In many cities, it appears the inventory decline might be ending, but not yet in Phoenix.

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

August Residential Sales and Inventory, Greater Phoenix Area, ARMLS
	Sales	YoY Change	Active Inventory	YoY Change
Aug-13	7,055	---	18,176	---
Aug-14	6,428	-8.9%	24,220	33.3%
Aug-15	7,010	9.1%	19,113	-21.1%
Aug-16	7,843	11.9%	19,570	2.4%
Aug-17	8,113	3.4%	17,360	-11.3%
Aug-18	8,036	-0.9%	16,010	-7.8%