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October 21, 2022 Market Update

Friday, October 21, 2022   /   by Bryan Baylon

October 21, 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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The deterioration in the market continues to accelerate with the average monthly change in CMI at -6.8%, markedly worse than -4.6% last week. Two of the 17 cities (Gilbert and Buckeye) managed to achieve a small rise in their CMI, but 15 cities moved in favor of buyers. Of these, Paradise Valley is the most notable with its supply increasing 34% in the last month. It slipped from first place leaving Fountain Hills at the top, despite it falling 10% over the last month.

10 cities are buyers markets, 4 are balanced and 3 are still sellers markets, though deteriorating rapidly.

It looks increasingly likely that all cities except those in the Northeast Valley will be buyer's markets within two 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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