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.

 

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
Nov 28 - Here is our latest table of Cromford® Market Index values for the single-family markets in the 17 largest
cities.

 

Like last week, we have 6 large cities showing an increase in their Cromford® Market Index over the
past month. The average change in CMI over the past month is -3.5% while last week we saw -4.2%.

 

The market has deteriorated for sellers over the last month but less quickly than last week.
Fountain Hills is by far the worst performer, losing 25% over the most recent month, while Paradise

 

Valley is the best performer, rising 13%.

 

No other city improved by more than 5%

 

Buckeye, Surprise, Maricopa, Glendale, Peoria, Queen Creek and Mesa deteriorated by 6% or more.

 

We have 6 cities that are seller's markets, though 4 of these are very weak seller's markets at less
than 118. 6 cities are balanced and 5 are buyer's markets.

 

Maricopa and Buckeye are very weak with excess inventory relative to current levels of demand.

 

 

Nov 26 - The latest S&P / Case-Shiller® Home Price Index® numbers were published this Tuesday.

 

The new report covers home sales during the period July to September 2024. This means the typical
home sale closed in mid-August, more than 3 months ago. Please remember that Case-Shiller data is
fairly old, even on the day it is released.

 

7 cities show rising prices but 13 of them went down over the month.

 

Compared with the previous month's series we see the following changes:

 

1. Cleveland +0.58%
2. Phoenix +0.28%
3. Detroit +0.12%
4. Las Vegas +0.09%
5. Charlotte +0.08%
6. New York +0.07%
7. Washington +0.01%
8. Chicago -0.04%
9. Tampa -0.10%
10. Portland -0.16%
11. Minneapolis -0.18%
12. Atlanta -0.22%
13. Seattle -0.49%
14. Miami -0.53%
15. Boston -0.56%
16. Dallas -0.63%
17. Denver -0.80%
18. San Diego -0.88%
19. San Francisco -0.88%
20. Los Angeles -0.90%

Phoenix has risen from 6th to 2nd place over the last month. The national average was -0.10% so

 

Phoenix was somewhat better than this average.

 

California was the worst performing area.

 

Comparing year over year, we see the following changes:
1. New York +7.5%
2. Cleveland +7.1%
3. Chicago +6.9%
4. Las Vegas +6.7%
5. Detroit +5.4%
6. Washington +5.3%
7. Seattle 5.2%
8. San Diego +4.7%
9. Los Angeles +4.6%
10. Charlotte +4.6%
11. Boston +4.4%
12. Miami +3.9%
13. Atlanta +3.4%
14. Minneapolis +2.3%
15. San Francisco +1.9%
16. Phoenix +1.8%
17. Dallas +1.1%
18. Portland +1.0%
19. Tampa +1.0%
20. Denver +0.2%

 

Phoenix dropped one more place to 16th 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, Tampa
and Portland at the bottom. Cleveland, Detroit and Las Vegas are looking very strong in both tables.

 

The national average is +3.9% year over year. Phoenix is at less than half that percentage, so has
underperformed over the last 12 years.