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%

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 practi

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

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 com

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 compr

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

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 ini

In the current real estate market, week 23 of 2024 has seen a startlingly low number of homes under contract, with only 8,238 listings—a number that hasn't been this dismal since 2007. The data highlights a concerning trend, as not once this year has the market managed to surpass the already low

In the realm of real estate analysis, the median sales price is often preferred by analysts due to its robustness in handling data of varying quality and its ability to ignore extreme values at both ends of the spectrum. Despite the relatively small number of transactions in the luxury market, th

The real estate resale market is currently experiencing a slight downturn, as evidenced by an increase in available inventory coupled with a persistent lack of buyer interest. A critical tool for gauging this trend is the contract ratio, which offers a comparison between the number of active list

Last week, mortgage interest rates experienced a decline for the third consecutive week, which led to a surge in refinancing activity. Despite this decrease, the response from homebuyers remained tepid. According to data from the Mortgage Bankers Association’s seasonally adjusted index, the total

If you’re in the market for a home in Phoenix, many of the properties you see will likely be new builds. In the first quarter of this year, about 33.4% of single-family homes available for sale were newly built, nearly double the pre-pandemic levels. This trend is not necessarily due to an increa

Once again, we are seeing small signs of improvement in the market for sellers in certain sub-markets. This trend is particularly evident in the changes observed in the Cromford® Market Index (CMI). Over the past month, the average change in CMI is +1.8%, slightly up from +1.7% last week. This gr

Over the past four days, the ARMLS database has recorded a significant milestone in the real estate market, with the monthly average price per square foot for closed listings across all areas and types surpassing $308, setting a new record at $308.01. This achievement not only marks a historic hi

The real estate market has recently witnessed a substantial number of price reductions, with almost 9,000 price cuts observed over the last four weeks. This is a rate not seen since January of the previous year. This sudden surge in price reductions is reminiscent of the period between June and

In recent market analyses, there has been a significant observation concerning real estate pricing: the average price per square foot across various regions and property types has once again surpassed the $300 mark. This resurgence in pricing is an important indicator of the current market dynami

Over the past month, the real estate market dynamics, as measured by the Cromford® Market Index (CMI), have seen a subtle yet noticeable shift. The average change in the CMI across various locations has increased by +0.3%, a modest rise from the previous week’s stagnant zero percent change. This

Reflecting on the housing market landscape from a decade and a half ago, the conversation was predominantly centered around foreclosures, a stark contrast to the current scenario where months can pass without the topic even arising. This significant shift highlights how the dynamics of the housin

The housing market, particularly in the resale segment, has experienced a noticeable decrease in transaction volumes over several months, highlighting a trend of stagnation within this part of the industry. Conversely, the market for new homes tells a strikingly different story, one of growth and

In the recent assessment of the real estate market dynamics, a subtle yet noticeable shift has occurred, marking a slight deterioration for sellers compared to the previous week. This trend is reflected in the average change in the Cromford® Market Index (CMI) over the last month, which registere