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November 14, 2022 Market Update

Monday, November 14, 2022   /   by Bryan Baylon

November 14, 2022 Market Update

 The market may not feel any different from yesterday, but the Cromford® Market Index for all areas & types has just slipped below 90. This means we are officially declaring a buyer's market.

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The majority of the market has been a buyer's market for some time, but the whole market has been propped up by the relative health of the luxury sector. With most of the Northeast Valley now surrendering to the widespread negativity we have an overall reading of 89.9, despite Fountain Hills holding out as a seller's market.

There is a faint flicker of positivity over the last few days since mortgage rates dropped last Friday. New contract counts are up a little and we also have a slight increase in incoming new listings. This probably won't change the balance in the market much, but it might increase transaction volumes, which would be welcomed by many.

Market insights provided by the Cromford Report.

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

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