Phoenix Real Estate in April: Sales up 10%, Inventory down 9% 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 April were up 10.3% year-over-year. 2) Cash Sales (frequently investors) were at 23.9% of total sales. 3) Active inventory is now down 8.7% 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 to......(read more)

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