Phoenix Housing Market Update: 15 Cities Shift Toward Buyers as Supply Rises

The Cromford Market Index (CMI) is one of the most reliable tools for tracking short-term real estate trends in Greater Phoenix. It measures the balance between supply and demand, and categorizes each city into a Seller’s Market, Balanced Market, or Buyer’s Market. A CMI around 100 (±10) is considered balanced; readings above 110 favor sellers, while scores below 90 indicate a stronger buyer’s market.

This month’s CMI update shows a clear shift: 15 cities became more favorable for buyers, while only 3 - Tempe, Gilbert, and Buckeye - moved in a seller-friendly direction. Cave Creek, Peoria, and Avondale saw the strongest improvement for buyers, while the remaining cities experienced smaller gains of 6% or less.

Cromford® Market Index values for the single-family markets in the 18 largest cities. Date: 10/23/25

The average CMI declined by -2.6% (slightly less than last week’s -2.8%), indicating that although the trend still favors buyers, the momentum is beginning to slow. Across the Valley, we now have 6 cities in seller’s markets, 5 in balanced markets, and 7 in buyer’s markets.

The primary driver behind this shift is increasing supply. While mortgage rates have eased slightly - helping demand improve - buyer activity is still building at a gradual pace. As supply continues to rise faster than demand, many areas across Greater Phoenix are leaning further into buyer-friendly conditions.