Over the past eight months, the real estate market has increasingly turned against sellers, who might instinctively attribute this shift to weakened buyer demand and persistently high interest rates. However, the primary cause of this change appears to be an increasing supply of available properties

The mortgage rate news has been unfavorable over the past week, with the typical 30-year fixed rate climbing to approximately 6.91% today from 6.68% last week. This increase brings rates back up to the levels observed in late July, marking a significant rise that could impact housing affordability a

The Listing Success Rate is one of the most revealing and reliable indicators of the housing market's health, yet it is seldom measured except by the Cromford Report. In stark contrast, the average days on the market is a comparatively dull and meaningless statistic, though it is measured and report

The brief surge in demand observed during September is beginning to wane, with the number of listings under contract now somewhat lower than in late September. Meanwhile, active supply continues to grow in line with seasonal patterns. This gradual increase in inventory is slowly shifting negotiation

In September 2024, Maricopa County's real estate market witnessed a noticeable decline in closed transactions for single-family homes and townhouses/condos, as revealed by the recently analyzed affidavits of value. The total number of closed transactions stood at 5,584, marking a decrease of 5.3% fr

The latest S&P/Case-Shiller Home Price Index numbers were published this Tuesday, offering valuable insights into the housing market across 20 major U.S. cities. This index is a key indicator for economists, investors, and policymakers, as it reflects trends in home prices that can influence economi

Over the past two weeks, the negative trend in the housing market has not only continued but also gained momentum. Buyers are steadily acquiring more negotiation power, although this shift remains mild and is primarily concentrated within the lower and middle price ranges. This development indicates

As anticipated, Paradise Valley continues to dominate the luxury real estate market, consistently topping performance charts and widening its lead over Scottsdale over the past three years. Paradise Valley and Scottsdale have experienced an impressive 8.5% year-over-year increase, the highest percen

The analysis of Maricopa County's real estate market for August reveals some significant trends and fluctuations compared to previous periods. In August, there were 5,936 closed transactions, a decrease of 9.0% from 6,556 in the same month of the previous year, and a 6.2% decline from July's figures

The real estate market exhibited a notable shift in August, with the supply of active listings without a contract increasing by 5.5% since the beginning of the month. This upturn is particularly significant when compared to the same period last year, showing a 57% increase as of September 1, 2023. T

The rebound of single-family building permits in Maricopa and Pinal counties in 2024 represents a significant recovery in the construction sector. As of July, there have been 18,498 new single-family units authorized, marking an increase of over 40% compared to the same period in 2023. Despite this

The high-end real estate market often experiences a significant slowdown during the summer months, which can cause noticeable distortions in market averages, particularly those related to pricing. This seasonal dip is a common occurrence, affecting the overall market dynamics and skewing data that r

The trends in the CMI (City Market Index) over the past month indicate a gradual recovery in several key markets, despite a varied performance across different cities. Over the past month, there has been an average decline of -1.8% in the CMI, showing a slowing in the rate of decline when compared t

In July 2024, Maricopa County recorded a total of 6,360 closed real estate transactions, reflecting a 4.6% increase from the previous year's figure of 6,081 in July 2023, but a slight 4.1% decrease from June's numbers. Of these, 1,378 were newly constructed homes, marking a modest growth of 1.9% com

The imminent settlement of the National Association of Realtors (NAR) Commission has introduced a cloud of uncertainty and confusion within the real estate industry. The Council of Multiple Listing Services (CMLS), representing 225 MLS providers nationwide, has refrained from offering best practice

In discussing real estate prices on this market update, I primarily present figures in nominal dollars, as is common practice. However, this approach can be misleading when comparing the affordability of homes today to those from decades past. Specifically, using nominal dollars to discuss price cha

Over the past month, the average change in the Cromford Market Index (CMI) has been a notable -7.2%, a more significant decline than the -6.9% observed the previous week. However, there is a silver lining as the rate of decline appears to be slowing. This week’s -0.3% change is an improvement compar

In recent analyses of the real estate market, particularly focusing on the single-family detached segment, we have delved into contract ratios across various price ranges, comparing data from July 1st, 2024 to the same date in 2023 and 2022 (See 2nd graph below). This examination provides a comprehe

The housing market in Maricopa and Pinal counties is experiencing a notable surge in new construction activities, as evidenced by the substantial number of building permits issued for single-family homes. In May 2024 alone, authorities issued 2,740 permits, marking a 22% increase compared to the 2,2

In the real estate market, recent trends have shown a pronounced decline, with the Cromford® Market Index (CMI) recording an average drop of 5.0% over the past month. This decrease is sharper compared to the 3.4% fall observed last week, signaling an intensification of the downward trajectory initia