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Phoenix Real Estate in December: Sales down 9% YoY, Active Inventory up 6% YoY

Summary:
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"):1) Overall sales declined to 6,403 from 7,070 in December 2017. Sales were down 1.7% from November, and down 9.4% from December 2017.2) Active inventory was at 18,049, up from 17,017 in December 2017. This is up 6.1% year-over-year.  This is the second consecutive month with a YoY increase in active inventory.The last two months - with a YoY increase - followed twenty-four consecutive months with a YoY decrease in inventory in Phoenix.Months of supply decreased from 3.30 in November to 3.23 in December. This is still low.

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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"):

1) Overall sales declined to 6,403 from 7,070 in December 2017. Sales were down 1.7% from November, and down 9.4% from December 2017.

2) Active inventory was at 18,049, up from 17,017 in December 2017. This is up 6.1% year-over-year.  This is the second consecutive month with a YoY increase in active inventory.

The last two months - with a YoY increase - followed twenty-four consecutive months with a YoY decrease in inventory in Phoenix.

Months of supply decreased from 3.30 in November to 3.23 in December. This is still low.
Bill McBride
A full time blogger, Mr. McBride retired as a senior executive from a small public company in the '90s. Mr. McBride holds an MBA from the University of California, Irvine, and has a background in management, finance and economics.

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