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 September were up 0.9% year-over-year (including homes, condos and manufactured homes).
2) Active inventory is now down 10.4% 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 eleventh consecutive month with a YoY decrease in inventory, and prices are rising a little faster this year (3.1% through July or 5.4% annual rate).
| September Residential Sales and Inventory, Greater Phoenix Area, ARMLS | ||||||
|---|---|---|---|---|---|---|
| Sales | YoY Change Sales |
Cash Sales |
Percent Cash |
Active Inventory |
YoY Change Inventory |
|
| Sept-08 | 6,179 | — | 1,041 | 16.8% | 54,4271 | — |
| Sept-09 | 7,907 | 28.0% | 2,776 | 35.1% | 38,340 | -29.6% |
| Sept-10 | 6,762 | -14.5% | 2,904 | 42.9% | 45,202 | 17.9% |
| Sept-11 | 7,892 | 16.7% | 3,470 | 44.0% | 26,950 | -40.4% |
| Sept-12 | 6,478 | -17.9% | 2,849 | 44.0% | 21,703 | -19.5% |
| Sept-13 | 6,313 | -2.5% | 2,106 | 33.4% | 23,405 | 7.8% |
| Sept-14 | 6,252 | -1.0% | 1,609 | 25.7% | 26,492 | 13.2% |
| Sept-15 | 6,980 | 11.6% | 1,573 | 22.5% | 23,396 | -11.7% |
| Sept-16 | 7,421 | 6.3% | 1,499 | 20.2% | 24,195 | 3.4% |
| Sept-17 | 7,485 | 0.9% | 1,592 | 21.3% | 21,680 | -10.4% |
| 1 September 2008 probably includes pending listings | ||||||