by Calculated Risk on 7/18/2018 03:49:00 PM

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 June were down 3.3% year-over-year.

2) Active inventory is down 10.4% year-over-year.  This is the smallest YoY decrease this year.  In some cities, it appears the inventory decline might be ending, but not yet in Phoenix.

This is the twentieth consecutive month with a YoY decrease in inventory.

June Residential Sales and Inventory, Greater Phoenix Area, ARMLS
	Sales	YoY Change	Active Inventory	YoY Change
Jun-13	8,228	---	15,752	---
Jun-14	7,219	-12.3%	24,462	55.3%
Jun-15	8,674	20.2%	19,596	-19.9%
Jun-16	8,861	2.2%	20,138	2.8%
Jun-17	9,391	6.0%	17,682	-12.2%
Jun-18	9,079	-3.3%	15,851	-10.4%