Wednesday, August 19, 2020

Phoenix Real Estate in July: Sales up 12% YoY, Active Inventory Down 42% YoY

by Calculated Risk on 8/19/2020 10:09:00 AM

The Arizona Regional Multiple Listing Service (ARMLS) reports ("Stats Report"):

1) Overall sales were at 10,303 in July, up from 9,508 in June, and up from 9,192 in July 2019. Sales were up 8.4% from June 2020 (last month), and up 12.1% from July 2019.

2) Active inventory was at 8,010, down from 13,737 in July 2019. That is down 42% year-over-year.

3) Months of supply decreased to 1.26 in July, down from 1.51 in June. This is very low.

Sales are reported at the close of escrow, so these sales were mostly signed in May and June. As expected, sales rebounded further in July.