Thursday, October 18, 2018

Phoenix Real Estate in September: Sales down 6% YoY, Active Inventory down 7.5% YoY

by Bill McBride on 10/18/2018 06:18:00 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"):

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.