Phoenix Real Estate in January: Sales up 9%, Inventory down 6%

This is a key distressed market to follow since Phoenix saw a large bubble / bust followed by strong investor buying. For the fourteenth consecutive month, inventory was down year-over-year in Phoenix. The Arizona Regional Multiple Listing Service (ARMLS) reports (table below): 1) Overall sales in January were up 8.7% year-over-year. 2) Cash Sales (frequently investors) were down to 27.4% of total sales. 3) Active inventory is now down 5.5% year-over-year.   More inventory (a theme in 2014) - and less investor buying - suggested price increases would slow sharply in 2014.......(read more)

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