by Calculated Risk on 2/20/2019 11:59:00 AM

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 5,357 from 6,082 in January 2018. Sales were down 16.3% from December, and down 11.9% from January 2018.

2) Active inventory was at 18,990, up from 17,330 in January 2018. This is up 9.6% year-over-year.  This is the third consecutive month with a YoY increase in active inventory.

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

Months of supply increased from 3.23 in December to 4.28 in January. This is still somewhat low (also January is seasonally a slow sales month).