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 October were up 4.3% year-over-year (including homes, condos and manufactured homes).
2) Active inventory is now down 10.1% year-over-year.
More inventory (a theme in most of 2014) – and less investor buying – suggested price increases would slow 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 twelfth consecutive month with a YoY decrease in inventory, and prices are rising a little faster this year (3.7% through August or 5.7% annual rate).
| October Residential Sales and Inventory, Greater Phoenix Area, ARMLS | ||||||
|---|---|---|---|---|---|---|
| Sales | YoY Change Sales |
Cash Sales |
Percent Cash |
Active Inventory |
YoY Change Inventory |
|
| Oct-08 | 5,384 | — | 1,348 | 25.0% | 55,7031 | — |
| Oct-09 | 8,121 | 50.8% | 2,688 | 33.1% | 39,312 | -29.4% |
| Oct-10 | 6,591 | -18.8% | 2,800 | 42.5% | 45,252 | 15.1% |
| Oct-11 | 7,561 | 14.7% | 3,336 | 44.1% | 27,266 | -39.7% |
| Oct-12 | 7,020 | -7.2% | 3,081 | 43.9% | 22,702 | -16.7% |
| Oct-13 | 6,038 | -14.0% | 1,910 | 31.6% | 26,267 | 15.7% |
| Oct-14 | 6,186 | 2.5% | 1,712 | 27.7% | 27,760 | 5.7% |
| Oct-15 | 6,308 | 2.0% | 1,570 | 24.9% | 24,702 | -11.0% |
| Oct-16 | 7,102 | 12.6% | 1,494 | 21.0% | 24,950 | 1.0% |
| Oct-17 | 7,408 | 4.3% | 1,578 | 21.3% | 22,427 | 10.1% |
| 1 October 2008 probably includes pending listings | ||||||