Friday, January 18, 2019

Phoenix Real Estate in December: Sales down 9% YoY, Active Inventory up 6% YoY

by Bill McBride on 1/18/2019 06:28:00 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 6,403 from 7,070 in December 2017. Sales were down 1.7% from November, and down 9.4% from December 2017.

2) Active inventory was at 18,049, up from 17,017 in December 2017. This is up 6.1% year-over-year.  This is the second consecutive month with a YoY increase in active inventory.

The last two months - with a YoY increase - followed twenty-four consecutive months with a YoY decrease in inventory in Phoenix.

Months of supply decreased from 3.30 in November to 3.23 in December. This is still low.