Thursday, October 6, 2022 / by Bryan Baylon
Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities
The number of cities with an improved CMI over the past month has fallen to 5. Mesa has turned around, but Scottsdale, Gilbert, Chandler, Tempe and Glendale are still managing to show an improvement for sellers compared with a month ago. Given the poor start to the fourth quarter, I do not think this is likely to last.
The market can be seen to be gradually deteriorating again because the average monthly change in CMI was -2.4%, worse than -1.5% last week. In fact if we focus on the most recent week, the market is moving against the interests of sellers. Demand is falling while supply is rising again.
We experienced about 8 weeks of relative stability in the third quarter, but with the 30-year fixed interest rate around 7%, affordability is adding another degree of hurt to would-be buyers.
Market insights provided by the Cromford Report.