Monday, August 19, 2019

Phoenix Real Estate in July: Sales up 10% YoY, Active Inventory Down 14% YoY

by Calculated Risk on 8/19/2019 09:37:00 AM

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 increased to 9,192 in July, up from 8,380 in July 2018. Sales were down 1.3% from June 2019 (last month), and up 9.7% from July 2018.

2) Active inventory was at 13,737, down from 16,035 in July 2018. That is down 14.3% year-over-year.

3) Months of supply decreased to 1.96 months in July from 2.12 in June. This is low.

This is another market with increasing sales and falling inventory. With the decline in mortgage rates in August, we will probably see a further pickup in coming months.