by Calculated Risk on 4/15/2019 04:11:00 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 8,344 in March, from 9,402 in March 2018. Sales were UP 30.2% from February 2019, but down 11.3% from March 2018.

2) Active inventory was at 18,182, up from 16,645 in March 2018. This is up 9.2% year-over-year.  This is the fifth consecutive month with a YoY increase in active inventory.

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

Months of supply decreased from 3.63 in February to 2.78 in March. This is still low.