The rate of arrival of new listings continues to drop while demand has stabilized at a subdued level. This means we are seeing only a modest rise in active supply - up only 132 in the last week. The is less than half the rise during the previous week and dramatically lower than a month ago.

Some cities have even seen supply fall during the last 7 days, including Fountain Hills, Cave Creek, Maricopa, Chandler, Glendale and Tempe.

This new trend, if it continues, will substantially reduce the recent downward pressure on pricing.

Market insights provided by The Cromford Report.