Real Estate Market Update - May 13 2024

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

Once again we are seeing small signs of improvement in the market for sellers in certain sub-markets.

The average change in CMI over the past month is +1.8%, up from +1.7 last week and continuing a mild trend that started five weeks ago.

We have 10 cities showing an increase in their Cromford® Market Index over the past month, while 7 have declined. This is less positive than last week.

Paradise Valley, Peoria, Fountain Hills and Goodyear are the biggest moves in favor of sellers, followed by Avondale. Tempe, Queen Creek, Maricopa and Cave Creek are the primary locations moving in favor of buyers. Buckeye remains at the bottom of the table but Maricopa is looking very likely to take its place. Chandler is still far out in front at the top.

11 out of 17 cities are seller's markets now that Paradise Valley has joined the group. We have 2 cities (Goodyear and Surprise) that are balanced, while 4 are buyer's markets.