Thursday, September 8, 2022 / by Bryan Baylon
September 8, 2022 Market Update
Sellers can celebrate - the number of cities with an improved CMI over the past month has doubled. Chandler has joined Paradise Valley, though its rise over the past 31 days has only been 0.3. Scottsdale almost made that same group be missed by only 0.2
The average monthly change in CMI was -9%. This is another improvement on the week before when the reading was -15%. The deterioration has slowed markedly during the past three weeks and CMI readings are falling much less quickly now. The average decline over the last week was only 0.2%.
Only 4 cities remain over 100. They are all relatively expensive parts of the market and all in the Northeast Valley.
If we focus on the change in CMI over just the past week, then more cities edged higher:
- Chandler up 3.2%
- Paradise Valley up 2.2%
- Scottsdale up 1.9%
- Tempe up 1.5%
- Gilbert up 0.9%
- Phoenix up 0.6%
- Glendale up 0.3%
- Mesa up 0.1%
There is no doubt that conditions are stabilizing, at least for now. The worst areas for CMI falling in the last week were:
- Goodyear -3.0%
- Fountain Hills -2.5%
- Cave Creek -1.8%
- Avondale -1.7%
- Surprise -1.6%
- Buckeye -1.3%
- Maricopa -1.1%
The new found stability is because demand is very low but creeping higher while supply has almost stopped rising in most but not all areas.
Market insights provided by The Cromford Report.