By Bill McBride
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 (“Stats Report”, table below):
1) Overall sales in July were up 6.7% year-over-year.
2) Active inventory is down 8.0% year-over-year. This is the smallest YoY decrease in almost two years. In some cities, it appears the inventory decline might be ending, but not yet in Phoenix.