The Greater Phoenix Area

The information below is taken from the Cromford Report and reflects the Great Phoenix Area. For Mesa, we are sitting in a much better position as the charts above show, with less supply and more sales than at the same time last month and last year.

For the Greater Phoenix Area, prices recovered from the decline they suffered over the previous 4 months and now stand higher than they did 12 months ago. However, some of that is because of a change in the sales mix, with luxury homes gaining ground over the last 4 weeks.

It is not all good news for sellers. Supply rose by over 5% over the past month, and that upward trend looks likely to last until November at least. The surge in demand we saw starting in mid-August has largely petered out by the end of September as interest rates bounced back after the low point reached in mid-September.

The Cromford® Market Index is falling now, though not at any great rate. This is mostly driven by the rise in supply.