Market Statistics Report for June 27, 2024
Market Dashboard – Days On Market
This Dashboard provides a comprehensive summary of the current state of the overall residential resale market.
All the statistics shown are for the entire Arizona Regional area as defined by ARMLS. All residential resale transactions
recorded by ARMLS are included. Geographically, this includes Maricopa County, a large part of Pinal county and a small
part of Yavapai county. In addition, "out of area" listings recorded on ARMLS are included, although these usually
constitute a very small percentage of total sales and have very little effect on the data.
All dwelling types are included. For-sale-by-owner, auctions and other non-MLS transactions are not included. Land,
commercial units, and multiple dwelling units are also excluded.
Daily Market Snapshot – City Ranking Snapshot
The table below provides a concise statistical summary of today's residential resale market in the Phoenix metropolitan
area. The figures shown are for the entire Arizona Regional area as defined by ARMLS. All residential resale transactions
recorded by ARMLS are included. Geographically, this includes Maricopa county, the majority of Pinal county and a small
part of Yavapai county. In addition, "out of area" listings recorded in ARMLS are included, although these constitute a very
small percentage (typically less than 1%) of total sales and have very little effect on the statistics.
Cromford Market Index
June 20- Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest
cities.
Cromford Market Index Commentary
The average change in CMI over the past month is -5.0%, a steeper fall than the -3.4% we saw last week. This is
increasing the downward trend that started 5 weeks ago. Price reductions are still increasing in both size and
frequency.
As of last week, we only have 4 cities showing an increase in their Cromford® Market Index over the past month,
while 13 have declined.
Maricopa is the biggest mover in favor of sellers, but it is only up 4% over last month. Gilbert, Peoria, Goodyear,
Paradise Valley, Mesa, and Glendale are the primary locations moving in favor of buyers, with Gilbert's market
deteriorating the fastest.
Despite the continuing deterioration, 11 out of 17 cities remain seller's markets over 110. We have 1 city (Goodyear)
that is barely balanced, while the remaining 5 are buyer's markets.
Jun 14 - The number of listings under contract (8,238) at week 23 is the lowest we have recorded for that time of
the year since 2007.
Cromford Market Index – Sale Price / Sq Ft
Latest S&P / Case Shiller Home Price Index
Jun 25 - The latest S&P / Case-Shiller® Home Price Index® numbers were published this Tuesday.
The new report covers home sales during the period February to April 2024. This means the typical home
sale closed in mid-March, more than 3 months ago. Please remember that Case-Shiller data is fairly old,
even on the day it is released.
A big turnaround has taken place in the last 2 months. We have all 20 cities showing rising prices for last
month. The Pacific coast had another remarkably strong month.
Comparing with the previous month's series we see the following changes:
1. Boston +2.16%
2. San Francisco +2.00%
3. Seattle +1.98%
4. Cleveland +1.84%
5. Detroit +1.80%
6. Chicago +1.72%
7. Minneapolis +1.37%
8. Denver +1.35%
9. Los Angeles +1.34%
10. Atlanta +1.28%
11. New York +1.27%
12. Las Vegas +1.22%
13. San Diego +1.21%
14. Charlotte +1.18%
15. Dallas +1.17%
16. Portland +1.08%
17. Washington +0.93%
18. Miami +0.84%
19. Tampa 0.70%
20. Phoenix +0.56%
Phoenix has fallen from 19th to last place since last month. The national average increase month to month
was 1.17%, so Phoenix under-performed significantly with less than half the increase shown by that
benchmark.
Most areas had exceptionally strong rises, especially in the North and along the West Coast. Florida has
faded.
Comparing year over year, we see the following changes:
1. San Diego +10.3%
2. New York +9.4%
3. Chicago +8.7%
4. Los Angeles +8.6%
5. Cleveland +8.5%
6. Las Vegas +8.3%
7. Miami +8.2%
8. Boston +7.9%
9. Seattle +7.5%
10. Charlotte +7.3%
11. Detroit +7.2%
12. Denver +6.4%
13. Atlanta +5.9%
14. Phoenix +4.8%
15. San Francisco +4.7%
16. Tampa +3.6%
17. Dallas +3.4%
18. Minneapolis +2.9%
19. Denver +2.0%
20. Portland +1.7%
Phoenix stayed at 14th place once again, and is still stuck in the bottom half on a year over year basis. All
20 of the cities are again showing positive price movement from one year ago with Denver and Portland
once again at the bottom. Southern California and the North are in the lead.
The national average is +6.3% year over year. Phoenix is below that percentage, and in a similar situation
to the last two months.