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 7,182 from 7,268 in October 2017. Sales were up 4.1% from September, and down -1.2% from October 2017.

2) Active inventory was at 18,193, down from 19,190 in October 2017.   This is down 5.2% year-over-year.  This is the smallest YoY decrease in almost two years.  In many cities, inventory is increasing YoY, but not yet in Phoenix.

This is the twenty-fourth consecutive month with a YoY decrease in inventory in Phoenix.

Months of supply increased from 2.93 in September to 3.03 in October. This is still low.