The Cromford® Market Index has plummeted from almost 500 to just above 100 over the past 5 months but has now reached a stable point:

Things are no longer getting worse, at least overall. However, the CMI in Paradise Valley (195 and rising) is a lot healthier than the CMI in Buckeye (52 and falling). Taken as a whole, the market is balanced, but we have far too much supply on the outer edges and in the mid-range and far too little in the center of the valley and at the top and bottom of the price ranges.

There is no guarantee that having achieved stability, the market will be able to sustain it. Interest rates may yet create more havoc, moving sharply higher or lower. Given the stance of the Federal Reserve, higher is far more likely than lower, but nobody has ever proven consistently successful predicting interest rates.

Market insights provided by The Cromford Report.