by Calculated Risk on 10/18/2018 06:18:00 PM
Thursday, October 18, 2018
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"):
1) Overall sales declined to 6,897 from 7,328 in September 2017. Sales were down 14.2% from August, and down -5.9% from September 2017.
2) Active inventory was at 16,643, down from 17,997 in September 2017. This is down 7.5% year-over-year. This is the smallest YoY decrease in almost two years. In many cities, it appears the inventory decline has ended, but not yet in Phoenix.
This is the twenty-third consecutive month with a YoY decrease in inventory in Phoenix.
Months of supply increased from 2.47 in August to 2.93 in September. This is still low.