May 29 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 seventh week running, we have 17 of the 17 cities showing improvement for sellers over the past month. The improvement in the market for sellers has started to slow down, with the average CMI increasing 16.9% over the past month, down from 18.5% last week.

Most improved are Cave Creek (up 27%), Glendale (up 23%) and Buckeye (up 22%). Not far behind are Fountain Hills, Avondale and Paradise Valley. The slowest rate of improvement for sellers is 5%, achieved by Goodyear.

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

Demand remains weak and appears to be weakening a little in certain cities (e.g. Gilbert, Goodyear). However the demand remains substantially higher than supply in the majority of locations and so conditions are still working against buyers and in favor of sellers..