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 (table below):
1) Overall sales in June were up 6.5% year-over-year.
2) Active inventory is now down 10.2% year-over-year.
More inventory (a theme in most of 2014) – and less investor buying – suggested price increases would slow sharply in 2014. And prices increases did slow in 2014, only increasing 2.4% according to Case-Shiller.
In 2015, with falling inventory, prices increased a little faster. Prices were up 6.3% in 2015 according to Case-Shiller.
With flat inventory in 2016, prices were up 4.8%.
This is the eighth consecutive month with a YoY decrease in inventory, and prices are rising a little faster this year (2.2% through April or 6.7% annual rate).
| June Residential Sales and Inventory, Greater Phoenix Area, ARMLS | ||||||
|---|---|---|---|---|---|---|
| Sales | YoY Change Sales |
Cash Sales |
Percent Cash |
Active Inventory |
YoY Change Inventory |
|
| June 2008 | 5,748 | — | 1,093 | 19.0% | 53,8262 | — |
| June 2009 | 9,325 | 62.2% | 3,443 | 36.9% | 38,358 | —2 |
| June 2010 | 9,278 | -0.5% | 3,498 | 37.7% | 41,869 | 9.2% |
| June 2011 | 11,134 | 20.0% | 5,001 | 44.9% | 29,203 | -30.3% |
| June 2012 | 9,133 | -18.0% | 4,272 | 46.8% | 19,857 | -32.0% |
| June 2013 | 8,150 | -10.8% | 3,055 | 37.5% | 19,541 | -1.6% |
| June 2014 | 7,239 | -11.2% | 1,854 | 25.6% | 27,954 | 43.1% |
| June 2015 | 8,273 | 20.5% | 2,005 | 23.0% | 23,377 | -16.4% |
| June 2016 | 8,986 | 8.6% | 1,875 | 20.9% | 24,898 | 6.5% |
| June 2017 | 9,571 | 6.5% | 1,930 | 20.2% | 22,358 | -10.2% |
|
1 June 2008 does not include manufactured homes, ~100 more 2 June 2008 Inventory includes pending |
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