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October 27, 2022 Market Update

Thursday, October 27, 2022   /   by Bryan Baylon

October 27, 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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Yes, things are still getting worse for sellers, with all 17 cities having seen a fall in their CMI over the past month. The deterioration in the market continues to accelerate with the average monthly change in CMI at -8.8%, worse than -6.8% last week. Paradise Valley is the most notable with a 29% drop in its CMI, while Cave Creek, Avondale, Mesa and Maricopa all fell 12% or more.

Least affected were Tempe and Buckeye, the latter managing to escape the bottom rung and leaving Queen Creek in that unenvied position.

11 cities are buyers markets, 3 are balanced and 3 are still sellers markets, though all 3 are deteriorating rapidly.

Outside the Northeast Valley, Phoenix and Chandler are the strongest markets, but even these look likely to slip below 90 within the next couple of weeks.

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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