Real Estate Market Update - May 6

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 +1.7%, up from +1.4% last week and continuing a trend that started four weeks ago.

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

Paradise Valley, Peoria and Goodyear are the biggest moves in favor of sellers, followed by Avondale and Chandler. 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 threatening to take its place. Chandler is still far out in front at the top. Queen Creek is now well below 80 while Maricopa has joined Buckeye below the 70 level. Buyers have strong negotiating power at these three locations.

11 out of 17 cities are seller's markets now that Paradise Valley has joined the group. We have 1 city (Surprise) that is balanced, while 5 are buyer's markets, although Goodyear looks set to leave that group very shortly.