May 22 Real Estate Market Update

Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities

For the sixth week running, we have 17 of the 17 cities showing improvement for sellers over the past month. The improvement in the market for sellers continues to accelerating, with the average CMI increasing 18.5% over the past month, up from 17.8% last week.

Most improved are Paradise Valley (up 30%), Cave Creek (up 29%) and Tempe (up 29%). Not far behind are Buckeye, Glendale and Avondale. The slowest rate of improvement for sellers is 9%, achieved by Goodyear and Scottsdale and still a substantial positive trend.

Improvements for sellers are relatively modest in Surprise, Chandler and Scottsdale.

15 cities are in seller's markets, 2 are balanced and none is a buyer's market.

Despite the continued low sales volume, demand is much higher than the unusually weak supply in the majority of locations.