Phoenix Real Estate in May: Sales up 3%, Active Inventory down 16% YoY

This is a key housing market to follow since Phoenix saw a large bubble / bust followed by strong investor buying. The Arizona Regional Multiple Listing Service (ARMLS) reports ("Stats Report", table below): 1) Overall sales in May were up 2.8% year-over-year. 2) Active inventory is down 15.5% year-over-year.  In some cities, it appears the inventory decline might be ending, but not yet in Phoenix. This is the nineteenth consecutive month with a YoY decrease in inventory. May Residential Sales and Inventory, Greater Phoenix Area, ARMLS   Sales YoY Change Active......(read more)

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