The last few weeks have sparked discussions about potential anomalies in the Phoenix real estate market. With inventory behaving in an unseasonal manner, there were concerns that the market might be undergoing significant changes. However, the latest data from the Cromford Report suggests that the world hasn’t shifted as much as it initially seemed. Notably, the Cromford Market Index (CMI) is swinging back in the opposite direction, slowing its movement toward a buyer’s market. Let’s dive into these updates and what they might mean for buyers, sellers, and renters.
Cromford Market Index Trends
The overall CMI for major cities in the Phoenix Metro area shows a slower acceleration toward a buyer’s market. Month-over-month, the CMI saw a negative change of -2.1%. This follows a decrease of -3.5% the previous week and a steeper decline the week before that. While the market has deteriorated slightly for sellers over the last month, falling supply levels appear to be providing some relief. As the Cromford Report notes, while this decline in supply happens every December, its recurrence in 2024 is a reassuring sign that the market’s fundamental patterns remain intact.