Real Estate Market Update - April 8 2024

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 zero, down from +0.4% last week.

We have 10 cities showing an increase in their Cromford® Market Index over the past month, while 7 have declined. This is an improvement over last week. an improvement for sellers instead of a deterioration.

Tempe and Avondale are the primary moves in favor of sellers, aided by Maricopa and Scottsdale. Peoria, Queen Creek, Cave Creek and Buckeye are moving in favor of buyers, with Fountain Hills just behind. Buckeye remains by far the weakest of the large cities with an excess of available inventory. Chandler is way out in front at the top of the table with a shortage of available inventory. Paradise Valley managed a slight rise from last month.

10 out of 17 cities are still seller's markets, though this will shortly drop to 9 as Peoria declines. We have 3 cities that are balanced and 4 are buyer's markets.