The contract ratio for all areas and property types has fallen below 30, indicating a notable cooling in the real estate market. Currently, at 29.6, this is the lowest contract ratio recorded since April 2009, a period marked by significant market challenges. This sharp decline highlights a shift

  Over the past month, six large cities have shown an increase in their Cromford® Market Index (CMI), continuing the trend observed last week. The average change in CMI across all cities is a decline of 4.2%, which is a slight improvement compared to the 4.8% decline seen the previous week. While

Over the past month, six large cities have shown an increase in their Cromford® Market Index (CMI), marking an improvement from last week when only five cities were trending upward. Avondale's shift in direction accounts for the rise of additional cities. Meanwhile, the average change in CMI over

In 2024, the active listing trend has taken an unusual and unexpected turn, visible in a recent spike in available listings. Represented in light blue, the 2024 trend line reveals a sharp jump over the last two days, with listings approaching the 22,000 mark. This sudden increase has pushed 2024'

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 propert

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 affordabilit

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 rep

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 negotiat

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%

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 econ

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 indica

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 per

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 figu

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

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 th

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 tha

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 compare

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