Thursday, September 15, 2022 / by Bryan Baylon
Sellers can again celebrate - the number of cities with an improved CMI over the past month has doubled again since last week. Scottsdale and Tempe have joined Chandler and Paradise Valley.
The average monthly change in CMI was -5%. This is another improvement on the week before when the reading was -9%. The deterioration has slowed markedly during the past four weeks and CMI readings are barely falling now. The average decline over the last week was only 0.1%.
The same 4 cities remain over 100. They are all relatively expensive parts of the market and all in the Northeast Valley. This market remains much stronger than the market has a whole.
Goodyear has slipped into a buyer's market below 90, so we now have a majority of cities in a buyer's market, even though the market as a whole is balanced. The contrast between the top and bottom cities is unusually large.
The bottom 3 cities continue to deteriorate for sellers because supply is high and still increasing.
Market insights provided by The Cromford Report.