The Arizona Regional Multiple Listing Service (ARMLS) reports (“Stats Report”):
1) Overall sales were at 6,860 in May, down from 6,925 in April, and down from 10,341 in May 2019. Sales were down 0.9% from April 2020 (last month), and down 33.7% from May 2019.
2) Active inventory was at 11,418, down from 16,260 in May 2019. That is down 29.8% year-over-year.
3) Months of supply decreased to 2.46 in May from 2.59 in April. This remains low.
Sales are reported at the close of escrow, so these sales were mostly signed in March and April. Sales for May were negatively impacted by COVID since few contracts were likely signed in April, although it seems likely sales will rebound in June and/or July.