Phoenix Real Estate in October: Sales up 2%, Inventory down 11%

This is a key distressed market to follow since Phoenix saw a large bubble / bust followed by strong investor buying. For the eleventh consecutive month, inventory was down year-over-year in Phoenix. This is a significant change from last year. The Arizona Regional Multiple Listing Service (ARMLS) reports (table below): 1) Overall sales in October were up 2.0% year-over-year. 2) Cash Sales (frequently investors) were down to 24.9% of total sales. 3) Active inventory is now down 11.0% year-over-year.   More inventory (a theme in 2014) - and less investor buying - suggested price......(read more)

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