Phoenix real estate in December: sales up 4%, inventory down 8%

Phoenix real estate

By Bill McBride | Calculated Risk

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

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

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

1) Overall sales in December were up 4.3% year-over-year.

2) Cash Sales (frequently investors) were down to 23.9% of total sales.

3) Active inventory is now down 8.0% 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.

With falling inventory, prices increased a little faster in 2015 (something to watch if inventory continues to decline).   Prices are already up 4.6% through October according the Case-Shiller (about double the pace for 2014).

Phoenix real estate

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