Phoenix real estate in July: Sales up 7% YoY, active inventory down 8% YoY

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.

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