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 6,409 from 6,911 in February 2018. Sales were UP 19.6% from January 2019, but down 7.3% from February 2018.



2) Active inventory was at 18,731, up from 16,961 in February 2018. This is up 10.4% year-over-year. This is the fourth consecutive month with a YoY increase in active inventory.



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



Months of supply decreased from 4.28 in January to 3.63 in February. This is still somewhat low.