By Bill McBride | Calculated RISK
This is a key housing market to follow since Phoenix saw a large bubble / bust followed by strong investor buying.
Inventory was up 3.3% year-over-year in July. This is the fifth consecutive months with a YoY increase in inventory, following fifteen consecutive months of YoY declines in Phoenix. This could be a significant change.
The Arizona Regional Multiple Listing Service (ARMLS) reports (table below):