Tuesday, September 18, 2018

Phoenix Real Estate in August: Sales down 1% YoY, Active Inventory down 8% YoY

by Bill McBride 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
  SalesYoY ChangeActive
Inventory
YoY Change
Aug-137,055---18,176---
Aug-146,428-8.9%24,22033.3%
Aug-157,0109.1%19,113-21.1%
Aug-167,84311.9%19,5702.4%
Aug-178,1133.4%17,360-11.3%
Aug-188,036-0.9%16,010-7.8%