Real Estate Market Update - November 3

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

The market is still weakening and at a faster rate, with an average decline of 15.8% in the Cromford® Market Index for the 17 cities above. This is worse than the 14.5% decline we saw last week.

Well above average declines in CMI can be seen in Cave Creek, Buckeye, Mesa, Scottsdale, Paradise Valley, Chandler, Peoria , Surprise and Phoenix. Falling but at a lower speed are Gilbert, Avondale, Maricopa and Tempe.

11 out of 17 cities are still sellers markets with Peoria and Surprise in the balanced zone while Buckeye, Goodyear, Queen Creek and Maricopa are all buyers' markets. Queen Creek has joined Buckeye below the 80 level. Among the secondary cities, Casa Grande is also below 80 while Gold Canyon and Litchfield Park are below 90.

Tolleson, Laveen, Anthem, El Mirage and Apache Junction are the strongest of the secondary cities with CMIs over 190.