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 increased to 10,341 in May, up from 9,913 in May 2018. Sales were up 8.9% from April 2019 (last month), and up 4.3% from May 2018.

2) Active inventory was at 16,260, up from 15,795 in May 2018. That is up 2.9% year-over-year.  This is the seventh consecutive month with a YoY increase in active inventory.

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

Months of supply decreased from 2.43 in April to 2.07 in May. This is low.

Source – Calculated Risk