Phoenix Real Estate in February: Sales down 3%, Inventory down slightly

This is a key distressed market to follow since Phoenix saw a large bubble / bust followed by strong investor buying. For the fifteenth consecutive month, inventory was down year-over-year in Phoenix. The Arizona Regional Multiple Listing Service (ARMLS) reports (table below): 1) Overall sales in February were down 2.6% year-over-year. 2) Cash Sales (frequently investors) were down to 29.0% of total sales. 3) Active inventory is now down 0.7% 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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