Market Update - September 2023

Hey there, it's been a minute since our last market update back in July. Things have been busy here at Williams Luxury Homes. We are rebuilding our website with exciting new features. Why? Because we want to give you a top-notch experience here on the site. With that said, we are here today on LUXE BLOG to get you up to speed on the Greater Phoenix real estate market stats for September 2023.

What's Going On With The Market?

• The Fed's economists now expect a "Goldilocks" scenario - no recession, low inflation, and positive growth. This soft landing wasn't expected by many due to aggressive rate hikes.
• But JPMorgan CEO Jamie Dimon disagrees. He says with so many risks, it's a "huge mistake" to expect the economy to boom.
• CPI numbers come out tomorrow. This could impact mortgage rates and indicate the Fed's next moves.

So there's still a lot of uncertainty out there. Will we avoid a recession or is one coming? We'll have to see how the data unfolds over the next months.

Also Read: Take A Tour Of Our New Luxury Estate Listing In Paradise Valley!

Greater Phoenix Real Estate Market Update - September 2023

Breaking Down The Latest For The Phoenix Metro

The Cromford Market Index (CMI) currently sits at 153. Here's what that means:

• It's still a seller's market, just a weaker one than earlier this year.
• Demand is the lowest since 2008. But supply is also low and under demand. This is creating stability.
• Listings are starting to tick up slightly, reducing seller negotiation power.

Drilling down:

• 4 cities saw favorable movement for sellers week-over-week
• 13 cities moved in a buyer-friendly direction
• Chandler notably lost ground after being a hot seller's market
• Overall Greater Phoenix saw accelerated softening month-over-month

Also Read: Arizona State Tax Incentives Spurring Film Industry Growth

As Of September 12th, 2023 The Cromford Market Index Is At 152.6

In Closing

The average expert prediction is the CMI will likely stay around this range for the rest of 2023 after the typical summer slowdown. What are your thoughts? Do you think the market will continue to soften? Or level out from here? With over 150 years of combined experience, WLH has the expertise to guide you through any conditions. We welcome you to reach out for advice regarding buying and/or selling Arizona real estate. Thank you for visiting LUXE BLOG.