Phoenix Real Estate in November: Sales up 6%, Inventory down 9%

ARMLSBy Bill McBride | Calculated RISK Finance & Economics

This is a key distressed market to follow since Phoenix saw a large bubble / bust followed by strong investor buying.

For the twelfth consecutive month, inventory was down year-over-year in Phoenix. This is a significant change from last year.

The Arizona Regional Multiple Listing Service (ARMLS) reports (table below):

1) Overall sales in November were up 6.5% year-ver-year.

2) Cash Sales (frequently investors) were up slightly at 29.1% of total sales.

3) Active inventory is now down 8.8% year-over-year.

More inventory (a theme in 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.

Now, with falling inventory, prices are increasing a little faster in 2015 (something to watch if inventory continues to decline).   Prices are already up 4.0% through September (about double the pace for 2014).

Phoenix Real Estate

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