November 10 Real Estate Market Update

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

Based on the numbers in this table. the market is still weakening at a fast rate, with an average decline of 16.3% in the Cromford® Market Index for the 17 cities above. This is worse than the 15.8% decline we saw last week.

Well above average declines in CMI can be seen in Cave Creek, Buckeye, Mesa, Scottsdale, Paradise Valley, Surprise and Phoenix. The slowest declines are to be found in Gilbert, Goodyear and Tempe.

10 out of 17 cities are still sellers markets with Peoria and Cave Creek in the balanced zone while Surprise, Buckeye, Goodyear, Queen Creek and Maricopa are all buyers' markets. Maricopa has joined Queen Creek and Buckeye below the 80 level. Among the secondary cities, Casa Grande and Gold Canyon are also below 80 while Litchfield Park is below 90.

Tolleson, Laveen, Sun Lakes, Anthem, El Mirage and Apache Junction are the strongest of the secondary cities, all with CMIs over 180.

Despite the above, we are just starting to see a slight tick-up in some of the listings-under-contract numbers, as the market reacts to the very recent decline in mortgage rates since the start of November.