Phoenix Real Estate in March: Sales up 9%, Inventory down 10% YoY

This is a key housing market to follow since Phoenix saw a large bubble and bust, followed by strong investor buying. The Arizona Regional Multiple Listing Service (ARMLS) reports (table below): 1) Overall sales in March were up 8.8% year-over-year. 2) Cash Sales (frequently investors) were down to 23.9% of total sales. 3) Active inventory is now down 9.8% year-over-year.   More inventory (a theme in most of 2014) - and less investor buying - suggested price increases would slow sharply in 2014.  And prices increases did slow in 2014, only increasing 2.4% according......(read more)

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