Real Estate Market Update - August 19 2024

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

This table is once again looking less negative than the week before. We have 8 cities showing an increase in their Cromford® Market Index over the past month, up from 7 last week. We have 9 cities showing a decrease.

However the change is painfully slow and this makes it a frustrating time for market watchers.

The average change in CMI over the past month is -0.1%, a much smaller decline than the -1.8% we saw last week and continuing a positive trend that started four weeks ago. This means we are on the cusp of seeing the market start to improve for sellers overall.

Fountain Hills, Cave Creek, Buckeye and Paradise Valley are showing the largest percentage gains. In addition, Scottsdale, Maricopa, Goodyear and Peoria are all up over the last month, only by a tiny bit in the latter case. The largest declines are still concentrated in the Southeast Valley (Tempe, Chandler and Mesa).

9 out of 17 cities remain seller's markets over 110. We have 3 cities that are balanced, while the remaining 5 are buyer's markets. 3 cities still remain over 140 while 3 remain under 75.

Things have stopped getting worse and maybe about to improve. However there is little sign of excitement and a lot of waiting for something significant to happen.