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Market Update | 10 Posts

Is the greater Phoenix real estate market crashing?  The short answer is no, but it is cooling at a much faster rate than anticipated. This chart shows you the Cromford Market Index (CMI) since 2001. Here is what you need to know about this report:

CMI of 90-110 = balanced market

CMI > 110 = favors sellers

CMI < 90 = favors buyers

Cromford Market Index June 2022

The drop from May 2022 to June 2022 decreased from 385.2 to 272.2 during that time. That's the fastest decline in the history of the Cromford Market Index. This decline was impacted by rising interest rates and increasing supply. 

As you can see, sellers are losing their leverage quickly. This means sellers need to be prepared for longer days on the market, fewer offers, the possibility of having to make buyer-requested repairs and/or offering a credit, and maybe even offering a home warranty.

Buyers, don't be fooled by this weakening Seller's market. While we are presently seeing more list price reductions, this hasn't impacted the purchase price at this time. The gap between supply and demand is still great, so home prices are presently still rising. Now is a great time to take advantage of a loan program with the option to lock in an interest rate prior to finding a home. Also keep in mind, before we reach the point where home prices start decreasing, we must reach a balanced market first. 

Supply and Demand June 2022

While it's not possible to predict where the market will be a year from now, these two reports provide great indicators for what lies ahead in the coming months. 

Cindy Nelson is an Arizona native and Realtor with Realty ONE Group and serves the Phoenix Metro area and the White Mountain region. Cindy is a subscriber to the Cromford Market Report and an active Trusted Advisor University member. 

Disclaimer: All information deemed reliable but not guaranteed. All properties are subject to prior sale, change or withdrawal. Neither listing broker(s) or information provider(s) shall be responsible for any typographical errors, misinformation, misprints and shall be held totally harmless. Listing(s) information is provided for consumers personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Information on this site was last updated 03/27/2023. The listing information on this page last changed on 03/27/2023. The data relating to real estate for sale on this website comes in part from the Internet Data Exchange program of ARMLS (last updated Mon 03/27/2023 9:30:45 PM EST). Real estate listings held by brokerage firms other than Cindy Nelson - Realty One Group may be marked with the Internet Data Exchange logo and detailed information about those properties will include the name of the listing broker(s) when required by the MLS. All rights reserved.

“All information should be verified by the recipient and none is guaranteed as accurate by ARMLS”


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