September 21 Real Estate Market Update

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

This week we have only 2 cities that moved in a direction favorable to sellers over the last month, with Paradise Valley reversing and only Cave Creek and Tempe left. If we look at the change over the last week, even Tempe & Cave Creek have deteriorated for sellers.

We can safely conclude that the market is becoming more favorable to buyers at an accelerating rate. The average CMI change in these 17 cities over the last month was -7.8%, more negative than last week when we measured -5.9%.

Most negative again this week is Chandler, down 26%, though it remains comfortably in first place. Goodyear and Gilbert are also much weaker than this time last month.

13 out of 17 cities are sellers markets with Buckeye. Goodyear, Queen Creek and Maricopa in the balanced zone. Three of the cities are now below the 100 mark implying that buyers have a slight edge in negotiations in these three cities.

All these observations apply primarily to the re-sale market. The new home market remains more favorable to sellers - the homebuilders are comfortably in charge.