Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities

This table tells us that the cooling market trend is still accelerating, with an average CMI decline of -33% which compares unfavorably with -28% last week.

The weakening demand and rising supply now applies to almost every market segment, and certainly to all 17 of the largest cities. Paradise Valley saw the smallest decline in its CMI but it is still down 22% compared to a month ago. The worst affected are Avondale, Gilbert, Queen Creek and Cave Creek, all down by 37% or more, while Phoenix is down 35%.

No city is over 400, even though, back in March, 14 of the 17 cities were over 400. March feels like a very long time ago.

Sellers need to be fully aware of how much of their advantage has disappeared. Be nice to buyers.

Market incites provided by the Cromford report.