Phoenix Real Estate in November: Sales up 30%, Inventory down 2%

This is a key housing market to follow since Phoenix saw a large bubble / bust followed by strong investor buying. Inventory was down 2% year-over-year in October.  This followed eight consecutive months with a YoY increase in inventory. The Arizona Regional Multiple Listing Service (ARMLS) reports (table below): 1) Overall sales in November were up 30.2% year-over-year. 2) Cash Sales (frequently investors) were down to 23.4% of total sales. 3) Active inventory is now down 1.8% year-over-year.   More inventory (a theme in 2014) - and less investor buying - suggested price......(read more)

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