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November 3, 2022 Market Update

Thursday, November 3, 2022   /   by Bryan Baylon

November 3, 2022 Market Update

Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities
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The market continues to deteriorate for sellers, with all 17 cities having seen a fall in their CMI over the past month and the average monthly change in CMI dropped to -10.5%, worse than -8.8% last week. Paradise Valley is the most notable with a 34% fall in its CMI, while Cave Creek, Avondale, Mesa, Chandler and Maricopa all fell 12% or more.

Least affected were Tempe, Surprise and Buckeye, although Buckeye returned to the bottom rung after Queen Creek clawed its way back to 16th place.

The Northeast Valley continues to be more favorable for sellers than the rest of the Greater Phoenix area, but it is losing much of that advantage with each passing month.

12 cities are buyers markets, 2 are balanced and 3 are still seller's markets, though heading fast towards balance.

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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