Phoenix Inventory Explodes in September

Bubble Markets Inventory Tracking (BMIT) reports that Phoenix has "officially reached beyond the prior population adjusted inventory record of 65,079 set back in 1995. Current inventory is at 66,229 SFR, condos, MFR, and land parcels." BMIT is an essential blog to read.

According to Housing Doom, Phoenix metro home sales were 3,176 as of September 29, with one day left in the month and probably a several day lag before sales are reported.

Key points:

• If September sales total 3250, that is a drop of 25% month-to-month and 46% year-over-year.
• Assuming those sales, that is over 20 months of inventory.

Las Vegas inventory is also 20 months. Orange County is 8.8 months.

Need I mention that these are Standard Pacific markets?