Thursday, June 9, 2022 / by Bryan Baylon
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 -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.