Thursday, April 28, 2022 / by Bryan Baylon
Even Glendale has now capitulated and market conditions deteriorated for sellers across all 17 cities during the last month.
The average decline was -15.3% which compares with -12.6 last week. The largest declines in CMI occurred in Cave Creek, Peoria, Paradise Valley and Buckeye.
The trend is now well established and accelerating. Demand has weakened considerably and is now well below normal in several important locations. See the Cromford® Demand Index for major cities to see more detail. Supply remains far below normal but is rising. Supply is increasing fastest in what is now the mid range - $500,000 to $1,000,000.
Cheaper homes that are still in demand from large-scale investors remain hard to find. The luxury market is also under-supplied but supply is creeping higher here too.
Market incites provided by the Cromford report.