Thursday, November 17, 2022 / by Bryan Baylon
Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities
Surprise is living up to its name by delivering a 3% improvement in its CMI over the past month. The other 16 cities, not so much. Paradise Valley declined 34% and appears to be rapidly heading towards a buyer's market. However the decline has slowed over the last week and it may yet stay in the balanced zone instead. Fountain Hills is now in a league of its own and only declined 3% over the last month. Conditions there have started to improve. Cave Creek is also pulling out of its decline and may see stability in the balanced zone pretty soon.
The deterioration for sellers is starting to decelerate with an average change in CMI of -9.8%, an improvement over -10.8% last week. Gilbert is one area where prospects for sellers and starting to improve slightly as supply declines.
Some of the secondary cities are also starting to improve, including Laveen and Tolleson.
Market insights provided by the Cromford Report.