November 24 Real Estate Market Update

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

There was an average decline of 15.2% in the Cromford® Market Index for the 17 cities above. This is an improvement over the 16.1% decline we saw last week, but not a very big one.

The majority of cities were worse than average, including Paradise Valley, Cave Creek,Glendale, Phoenix, Surprise, Mesa, Peoria, Maricopa, Queen Creek, Avondale, Scottsdale and Buckeye.

Goodyear stands out as the only major city that saw its CMI improve over the last month. Also doing relatively well are Tempe, Fountain Hills and Chandler.

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 and Queen Creek are below the 80 level and Buckeye has dropped below 70.

We are seeing a little improvement in the demand trend, but supply continues to increase in most areas, which is unusual for the third week of November.