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Just look at all that green.

This table is quite startling - the market balance is now swinging quickly towards sellers, yet this does not seem to be reflected in market commentary in the general media. This shows the advantage of measuring the housing market every day, rather than once a month. One month ago, the situation looked bleak for sellers. The average CMI has fallen by -4.3% in the month prior to December 1.

Today we see an average CMI improvement of +16.3%.

It is not just that supply has been falling rapidly, we are now seeing stronger demand. It being December, this may easily go unnoticed by those not paying close attention, but the numbers do not lie. Relative to November, December's demand numbers are improving. If this trend rolls over into January and continues, we could see a much more positive picture during the first quarter than we expect just 3 weeks ago.

The swing in favor of sellers is most noticeable in Paradise Valley, Avondale, Chandler, Tempe, Mesa, Glendale, Gilbert and Phoenix. Only Goodyear has yet to get with the program. Scottsdale is late to the party but is starting to swing over the last week.

We now have 5 cities in the seller's market zone over 110, 5 cities in the balanced zone between 90 and 110 and 7 in the buyer's market zone under 90.

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A notice of trustee sale is issued at the discretion of the lender upon a borrower's non-payment of their home loan. It is the first step in the foreclosure process. Often, a borrower avoids foreclosure by catching up on their payment or selling their home prior to the actual trustee sale. While the greater Phoenix area has seen an increase in trustee sales notices in 2022, they remain at historically low levels. If local jobless claims become elevated, the number of trustee sales would also be expected to increase. This data is important to monitor when considering the direction of home values moving forward. As the rate of notice of foreclosures decreased starting in Q2 of 2012, sales prices increased.