May 20 - Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities:
Our primary leading indicator, the Cromford® Market Index, is telling us that the cooling trend is getting even more powerful. Every city has seen its CMI decline by at least 15% and the average for these 17 cities is a fall of 24%, compared with an average of 20.5% last week. At some point we would expect the nose-dive to decelerate and reach an equilibrium, but we seem to be a long way from that point at the moment. The first signal we are waiting for is for the average monthly change (-24%) to be lower than the prior week.
Worst affected are Queen Creek (-36%), Gilbert (-34%), Avondale (-30%) and Cave Creek (-30%).
It remains easy to sell a home at the moment but if this cooling trend stays in place, selling will start to get much more difficult by August.
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