April 1 Real Estate Market Update

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 +0.4%, up from +0.1% last week.

We have 8 cities showing an increase in their Cromford® Market Index over the past month, while 9 have declined. This is also slight improvement over last week. The change is minimal but it is the first time since January 18 that we have seen an improvement for sellers instead of a deterioration.

Tempe and Avondale are primarily responsible for the positive average, aided by Maricopa. Scottsdale is starting to show a little momentum at +4%. Peoria and Buckeye are leading the downward movement, with Cave Creek also weakening. Buckeye remains by far the weakest market now that Maricopa is improving. Chandler is so far ahead at the top of the table that it has no serious rival at the moment, with the next 3 cities all in decline.

10 out of 17 cities are still seller's markets. We have 3 cities that are balanced and 4 are buyer's markets.