Although we are still seeing movement favorable to sellers, it is starting to decelerate. This occurred last week and we have seen it again this week. The average monthly change in CMI is 7.6% which is a little less strong than the 8.4% we saw last week. Demand is growing nicely, but a lot of sellers are also putting homes back on the market from listings that were cancelled during the summer months. The pace of arrival of new listings is higher than in both the last 2 years.
14 cities improved for sellers with 3 improving for buyers. Paradise Valley, Glendale and Maricopa did the latter with Tempe turning around. The front-runners are Fountain Hills, Scottsdale, Peoria, Gilbert, Avondale and Surprise. Paradise Valley is falling back quickly as supply comes back online and is in danger of being overtaken by Fountain Hills at the top of the table. Scottsdale with a 22% jump now about the 120 mark puts it back into a "sellers" market technically. Although like most areas if you are outdated or to aggressive in your pricing it certainly won't feel like it.
We have 7 cities that are seller's markets, with Gilbert joining that group. 3 are balanced and 7 are still buyer's markets. Peoria looks like it will leave that group and become a balanced market within a day or two.
It is mostly the more affordable areas that are the most favorable to buyers, but Avondale is a notable exception to that rule. Its supply is far more limited than Buckeye or Maricopa, for example.
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