A little last this month … but 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 November were up 4.3% year-over-year (including homes, condos and manufactured homes).
2) Active inventory is now down 10.9% 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 thirteenth consecutive month with a YoY decrease in inventory, and prices are rising a little faster this year (4.6% through September or 6.1% annual rate).
| November Residential Sales and Inventory, Greater Phoenix Area, ARMLS | ||||||
|---|---|---|---|---|---|---|
| Sales | YoY Change Sales |
Cash Sales |
Percent Cash |
Active Inventory |
YoY Change Inventory |
|
| Nov-08 | 4,417 | — | 1,217 | 27.6% | 56,2271 | — |
| Nov-09 | 7,494 | 69.7% | 2,572 | 34.3% | 40,372 | -28.2% |
| Nov-10 | 6,789 | -9.4% | 2,966 | 43.7% | 45,353 | 12.3% |
| Nov-11 | 7,147 | 5.3% | 3,245 | 45.4% | 26,798 | -40.9% |
| Nov-12 | 6,810 | -4.7% | 2,945 | 43.2% | 23,232 | -13.3% |
| Nov-13 | 5,181 | -23.9% | 1,761 | 34.0% | 26,762 | 15.2% |
| Nov-14 | 4,986 | -3.8% | 1,396 | 28.0% | 27,426 | 2.5% |
| Nov-15 | 5,308 | 6.5% | 1,542 | 29.1% | 25,022 | -8.8% |
| Nov-16 | 6,911 | 30.2% | 1,618 | 23.4% | 24,582 | -1.8% |
| Nov-17 | 7,209 | 4.3% | 1,650 | 22.9% | 21,898 | -10.9% |
| 1 November 2008 probably includes pending listings | ||||||