Thursday, May 5, 2022 / by Bryan Baylon
If you thought last week's table was bad, then this weeks is much worse. All 17 cities are cooling quickly with all except 2 (Glendale and Goodyear) dropping 10% or more over the past month.
The average change was -18.1% compared with -15.3%. More drastic cooling is observed in Peoria, Queen Creek, Paradise Valley, Buckeye, Tempe and Gilbert.
Supply is building quickly thanks to plentiful new listings and a major slowdown in homes going under contract.
The last 6 weeks look like the significant turn in the market than we have been anticipating for several years and there are no obvious upcoming changes expected that would reverse the current trend.
Because the market was so hot in February, it will take several months for this trend to bring us back to more normal levels. However we note that Buckeye has broken below 200 and only one city (Avondale) is still over 500.
We anticipate that all of the CMIs in the table will drop sharply over the next 4 weeks. Beyond that, it is anybody's guess.
Market incites provided by the Cromford report.