Note: I’m tracking data for many local markets around the U.S. I think it is especially important to watch inventory this year. Remember sales were weak in April and May 2020 due to the pandemic, so the YoY sales comparison is easy.
The Arizona Regional Multiple Listing Service (ARMLS) reports (“Stats Report”):
1) Overall sales were at 9,127 in May, up 33.0% from 6,860 in May 2020.
2) Active inventory was at 5,218, down 54.3% from 11,418 in May 2020.
3) Months of supply decreased to 1.05 in May from 2.46 in May 2020. This is very low.
Inventory in May was up 14.9% from last month.