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 6,515 from 7,074 in November 2017. Sales were down 9.3% from October (report has a typo and says "up"), and down 7.9% from November 2017.
2) Active inventory was at 18,162, up slightly from 18,118 in November 2017. This is up 0.2% year-over-year. This is the YoY increase in active inventory since 2016.
This small YoY increase followed twenty-four consecutive months with a YoY decrease in inventory in Phoenix.
Months of supply increased from 3.03 in October to 3.30 in November. This is still low.