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June 9, 2022 Market Update

Thursday, June 9, 2022   /   by Bryan Baylon

June 9, 2022 Market Update

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

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This table tells us that the cooling market trend is still accelerating, with an average CMI decline of -34% which compares unfavorably with -33% last week. Demand continues to fall in most areas but the dominant effect is now the rise in supply, with new listings arriving at a pace that is well above average. Paradise Valley has seen little change in its supply over the last month, thought demand is still trending lower. At -18% it is the top performing city in the table.

The largest declines are to be found in Avondale, Gilbert, Cave Creek and Chandler, all down more than 40% since this time last month.

We now have 4 cities below 200 and at 143.6, Buckeye is not far from a balanced market between 90 and 110. Maricopa and Queen Creek are racing towards that zone too.

The upper end of the market is slowing, but to a lesser degree than the mid-range between $400,000 and $1 million. This effect is placing Fountain Hills and Scottsdale at the top of table.

Supply below $400,000 remains very low and that segment of the market remains strong.

Market incites provided by the Cromford report.

Keller Williams Northeast Realty - The Baylon Group
Bryan Baylon
2005 W. Happy Valley Rd #150
Phoenix, AZ 85085

© 2024 Arizona Regional Multiple Listing Service, All rights reserved. The data relating to real estate for sale on this website comes in part from the Arizona Regional Multiple Listing Service. Real estate listings held by brokerage firms other than Bryan Baylon - Keller Williams Northeast Realty are marked with the Arizona Regional Multiple Listing Service logo and detailed information about them includes the name of the listing brokers. All information deemed reliable but not guaranteed and should be independently verified. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) nor Arizona Regional Multiple Listing Service shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. June 17, 2024
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