These reports include homes, mobile homes, condos, townhomes and patio homes in Maricopa County, the Southern part of Yavapaii County and Northern part of Pinal County. This is an area of almost 500 square miles, including a population of 4.7 million people.
The main image shows that current average list price versus sales price is 98% in the Phoenix metro area! The time period reflected is from February 2020 through August, 2025. Notice the dramatic rise in list and sales price with the sales price rising above the list price. That dynamic no longer exists in today's housing market. Pricing a home for sale is very important as buyers are wary of over-paying for their next home.
When we compare the same time period for the month of August 2024 versus August 2025, active listings in the Phoenix metro area increased by 20%. However, inventory has risen and fallen during the last few weeks. Since the Q2 report inventory dropped 14% from the 6/22 Active report. It's typical for August to show a slow down while vacationers hit the roads for one last summer vacation before school starts. This report reflects inventory changes for the years 2022, 2023, 2024 and 2025. Notice the drop in inventory for 2025. In April, 2022, interest rates started to rise and inventory rose dramatically during the remainder of 2022.
The monthly median sales price for the Phoenix metro area has risen to $457,500. The highest peak in the Phoenix metro area for the median sales price of $480,000 was in May, 2022. Extending this report further back in time reflects the sharp increase in prices showcasing the affordability crisis that exists across the country.
Average cumulative days on market has risen to 85 days. If nothing else came on the market/MLS for sale, it would take 85 days to sell every property type. August 2024 shows 69 days on market, a sizeable increase in time to sell a home.
Each city has very different data also known as sub markets. The Cromford Market Index is a look forward, predicting buyer and seller demand. The technical definition of the Cromford Market index "is a value that provides a short term forecast for the balance of the market. It is derived from the trends in pending, active and sold listings compared with historical data over the previous 4 years. Values below 100 indicate a buyer's market, while values above 100 indicate a seller's market. A value of 100 indicates a balanced market."
When a city is in a buyer's market, buyers are able to negotiate price and terms more in their favor (eg. closing cost assistance) while a sellers market puts sellers more in control and less flexibility for price and terms. Buyers selecting homes in cities that reflect a buyers markets might have more days to decide to make an offer, maybe!
The national rumors of foreclosures aren't accurate for the Phoenix housing market. Arizona is a non-judicial state, which equates to a very fast turn around if you lose your home to foreclosure. After missing 3 mortgage payments, you'll receive a "Notice of Trustees Sale" by the Trustee of your mortgage. You'll have 90 days to pay all of the missing payments or your home will go to foreclosure. This chart reflects those missing 3 mortgage payments. Notice that the current rate of Notices is similar to the number prior to the covid era of PPP funds issued by the government from the period March, 2020 to December 2021. Meaning, there is no foreclosure crisis in the Phoenix Metro area.
The sales market is relatively flat and I decided not to share the same report as the last post for Q2 2024 vs 2025. Knowing where the market is headed with factual insights is more important as of this writing.
In order to better predict where the housing market is headed, check out the latest Cromford Market Index (CMI) table below. The increases in CMI are expected to slow slightly as we head into fall (per Michael Orr, Cromford Report). Notice the improvements in the index for each respective city. Glendale and Tempe experienced minor shifts last week in their CMI, while Paradise Valley dropped 7% from an astounding seller's market of 192!
Data for this post is provided by private subscription to the Cromford Report. The Cromford Report is produced by Michael Orr from all sales data in the tax records, including the Arizona Regional MLS. Please do not reproduce. If you are interested in specific data, please reach out to me!
Thanks for sharing, make it a great Sunday and enjoy the rest of your weekend! Bill 
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