Mar 21 - Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities ~
The table is still reporting a swing in favor of buyers but the swing has stopped slowing down and is now starting to accelerate again. We have 14 cities that have deteriorated for sellers over the last month and 4 that have improved. Cave Creek dropped out from the improving group. The average change in CMI over the past month is -1.9% while last week we saw -1.5%. This ends the trend that started 4 weeks ago and starts a new one. The difference is only slight however.
The fastest decliners are Tempe and Queen Creek, which includes the large unincorporated county area known as San Tan Valley. All other decliners fell by less than 7%.
We have 9 cities that are still seller's markets, 3 that are balanced and 5 that are buyer's markets. Avondale and Glendale moved from balanced to a very weak seller's market, joining Phoenix, Tempe, Fountain Hills and Gilbert in the zone between 110 and 120. Only 3 cities are at 120 or higher, We can see that although there are 9 cities that are still technically seller's markets they are all below 141 so not strongly favoring sellers. However the 5 cities that are buyer's markets very strongly favor buyers, especially Maricopa and Buckeye.
Although we are in the peak of the buying season, supply is still outstripping demand. Confirming this view, the homebuilders are reporting slightly disappointing sales given the elevated level of incentives.
Although the slope is not steep, the direction of the market remains downhill.
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