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Phoenix Real Estate in June: Sales up 6%, Inventory down 10% YoY

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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 (table below):

1) Overall sales in June were up 6.5% year-over-year.

2) Active inventory is now down 10.2% year-over-year. 

More inventory (a theme in most of 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.

In 2015, with falling inventory, prices increased a little faster.  Prices were up 6.3% in 2015 according to Case-Shiller.

With flat inventory in 2016, prices were up 4.8%.

This is the eighth consecutive month with a YoY decrease in inventory, and prices are rising a little faster this year (2.2% through April or 6.7% annual rate).


June Residential Sales and Inventory, Greater Phoenix Area, ARMLS
  Sales YoY
Change
Sales
Cash
Sales
Percent
Cash
Active
Inventory
YoY
Change
Inventory
June 2008 5,748 1,093 19.0% 53,8262
June 2009 9,325 62.2% 3,443 36.9% 38,358 2
June 2010 9,278 -0.5% 3,498 37.7% 41,869 9.2%
June 2011 11,134 20.0% 5,001 44.9% 29,203 -30.3%
June 2012 9,133 -18.0% 4,272 46.8% 19,857 -32.0%
June 2013 8,150 -10.8% 3,055 37.5% 19,541 -1.6%
June 2014 7,239 -11.2% 1,854 25.6% 27,954 43.1%
June 2015 8,273 20.5% 2,005 23.0% 23,377 -16.4%
June 2016 8,986 8.6% 1,875 20.9% 24,898 6.5%
June 2017 9,571 6.5% 1,930 20.2% 22,358 -10.2%
1 June 2008 does not include manufactured homes, ~100 more
2 June 2008 Inventory includes pending


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