Thursday, November 10, 2022 / by Bryan Baylon
Once again all 17 cities have experienced a fall in their CMI over the past month and the average monthly change in CMI dropped to -10.9%, just a tad worse than -10.5% last week. Paradise Valley is again the most notable with a 36% fall in its CMI and is now in the balanced market zone. Cave Creek, Avondale, Mesa, Chandler, Peoria and Maricopa all fell 12% or more.
Least affected were Tempe, , Gilbert, Queen Creek, Surprise and Buckeye.
The Northeast Valley continues to be more favorable for sellers than the rest of the Greater Phoenix area, but it is rapidly losing much of that advantage.
13 cities are buyer's markets, 2 are balanced and 2 are still seller's markets, though Scottsdale is close to reaching balance. Only Fountain Hills remains as a clear seller's market for now.
Supply is starting to fall in several areas, which is a good sign, but demand has stayed stubbornly low. Interest rates dropped sharply today so we might see a few signs of some improvement in demand next week.
Market insights provided by the Cromford Report.