Real Estate Market Update - May 20 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 +0.8%, down from +1.8 last week and reversing the trend that started six weeks ago.

We have only 6 cities showing an increase in their Cromford® Market Index over the past month, while 11 have declined. This is significantly less positive than last week.

Paradise Valley, Peoria, Fountain Hills and Goodyear are the biggest moves in favor of sellers. Tempe, Queen Creek and Maricopa are the primary locations moving in favor of buyers. Buckeye has been improving for sellers and is no longer at the bottom of the table having been replaced by Maricopa is looking very likely to take its place. Chandler is still far out in front at the top, but Fountain Hills is now the main challenger.

11 out of 17 cities are seller's markets. We have 2 cities (Goodyear and Surprise) that are balanced, while 4 are buyer's markets.