Monday, September 16, 2019

Phoenix Real Estate in August: Sales up 8.6% YoY, Active Inventory Down 16.6% YoY

by Calculated Risk on 9/16/2019 04:48:00 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 increased to 8,726 in August, down from 9,192 in July, but up from 8,036 in August 2018. Sales were down 5.1% from July 2019 (last month), and up 8.6% from August 2018.

2) Active inventory was at 13,350, down from 16,035 in August 2018. That is down 16.6% year-over-year.

3) Months of supply in to 2.00 months in August from 1.96 months in July. 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.