Inventory was up 3.4% year-over-year in September. This is the seventh consecutive month with a YoY increase in inventory, following fifteen consecutive months of YoY declines in Phoenix.
The Arizona Regional Multiple Listing Service (ARMLS) reports (table below):
1) Overall sales in September were up 6.3% year-over-year.
2) Cash Sales (frequently investors) were down to 20.2% of total sales.
3) Active inventory is now up 3.4% year-over-year.
More inventory (a theme in 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 Case-Shiller.
In 2015, with falling inventory, prices increased a little faster - Prices were up 6.3% in 2015 according to Case-Shiller.
Now inventory is increasing a little again, and - if this trend continues in Phoenix - price increases will probably slow in Phoenix. Prices in Phoenix are up 2.2% through July (about a 3.7% annual rate) - slower than in 2015.
| September Residential Sales and Inventory, Greater Phoenix Area, ARMLS | ||||||
|---|---|---|---|---|---|---|
| Sales | YoY Change Sales |
Cash Sales |
Percent Cash |
Active Inventory |
YoY Change Inventory |
|
| Sept-08 | 6,179 | --- | 1,041 | 16.8% | 54,4271 | --- |
| Sept-09 | 7,907 | 28.0% | 2,776 | 35.1% | 38,340 | -29.6% |
| Sept-10 | 6,762 | -14.5% | 2,904 | 42.9% | 45,202 | 17.9% |
| Sept-11 | 7,892 | 16.7% | 3,470 | 44.0% | 26,950 | -40.4% |
| Sept-12 | 6,478 | -17.9% | 2,849 | 44.0% | 21,703 | -19.5% |
| Sept-13 | 6,313 | -2.5% | 2,106 | 33.4% | 23,405 | 7.8% |
| Sept-14 | 6,252 | -1.0% | 1,609 | 25.7% | 26,492 | 13.2% |
| Sept-15 | 6,980 | 11.6% | 1,573 | 22.5% | 23,396 | -11.7% |
| Sept-16 | 7,421 | 6.3% | 1,499 | 20.2% | 24,195 | 3.4% |
| 1 September 2008 probably includes pending listings | ||||||
from Calculated Risk http://ift.tt/2did3rZ
via YQ Matrix
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