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Comford Report Market Index Update
Posted On: November 18th, 2023 12:35PM
Nov 16 - Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest cities:
There was an average decline of 16.1% in the Cromford® Market Index for the 17 cities above. This is slightly less bad than the 16.3% decline we saw last week.
Well-above-average declines in CMI can be seen in Cave Creek, Buckeye, Mesa, Scottsdale, Glendale, Paradise Valley, Surprise, and Phoenix. The slowest declines are to be found in Goodyear and Tempe. In fact, Goodyear has started to see its CMI rise over the past week.
10 out of 17 cities are still sellers' markets with Peoria and Cave Creek in the balanced zone while Surprise, Buckeye, Goodyear, Queen Creek, and Maricopa are all buyers' markets. Maricopa and Queen Creek are below the 80 level and Buckeye has dropped below 70.
Commentary written by Michael Orr ©2023 Cromford Associates LLC
