Real Estate Market Update - August 7

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

The market continues to slowly lose steam and the average CMI change in these 17 cities over the last month was -6.0%, just a shade more negative than last week when we measured -5.9%

Only 4 cities continue to show a positive change from this time last month, while 1 is unchanged and 12 show a negative trend for sellers, particularly Tempe, Fountain Hills, Avondale, Glendale and Peoria.

Buckeye is the only city improving a lot for sellers and has overtaken Maricopa which slips into 16th.

That being said, we consider a seller's market to be over 110, a balanced market to be 90-110, and below 90 is a buyer's market.  With those benchmarks in mind, these are nearly all still strong seller's markets.

Queen Creek has dropped into the balanced zone below 110, while the other 16 are seller's markets