Phoenix Real Estate in May: Sales up 6%, Inventory up YoY

This is a key distressed market to follow since Phoenix saw a large bubble / bust followed by strong investor buying. Inventory was up 5.5% year-over-year in May.  This is the third consecutive months with a YoY increase in inventory, following fifteen consecutive months of YoY declines in Phoenix.  This could be a significant change. The Arizona Regional Multiple Listing Service (ARMLS) reports (table below): 1) Overall sales in May were up 6.4% year-over-year. 2) Cash Sales (frequently investors) were down to 21.8% of total sales. 3) Active inventory is now up 5.5%......(read more)

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