Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities ~
The average change in CMI over the past month is -2.1%, down from -0.8% last week and continuing the downward trend that started 3 weeks ago. The market is deteriorating a little faster now for sellers. Price reductions are increasing in both size and frequency.
On a brighter note, we now have 7 cities showing an increase in their Cromford® Market Index over the past month, while 10 have declined.
Fountain Hills is easily the biggest movers in favor of sellers. Glendale and Gilbert are once again the primary locations moving in favor of buyers.
Despite the continuing deterioration, 11 out of 17 cities are still seller's markets. We have 3 cities (Goodyear, Cave Creek and Surprise) that are balanced, while the remaining 3 are buyer's markets.
Buckeye and Maricopa swapped places at the bottom of the table. Both have a large inventory of for-sale homes which gives buyers an advantage in negotiations.
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