January Rental Stats plus Market Index

This past January has brought some interesting insights into the market.  More homes were rented out than last year, and the market appears to be sliding into a "Buyer's Market" again! 

Why would it be that the numbers of rentals continue to increase in the Phoenix market, when the prices for homes are so reasonable?

Also, why are we sliding into a Buyer's Market again when the prices of homes are still at 50% to 60% of their top average values?

Could it be that Washington is not exactly being truthful and that the economy still isn't picking up?

I don't know the answers, but I know what is happening.  Home prices have stagnated, the number of homes on the market has gone up, and the number of sales has remained steady.  Typically, at this time of the year, we are seeing sales increase.  Here are the charts to back up my story:

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 four 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.


Avondale Real Estate, Goodyear Real Estate, Buckeye Real Estate, Glendale, Real Estate, Phoenix Real Estate, Surprise Real Estate, Peoria Real Estate, Tolleson Real Estate, Laveen Real Estate, Waddell Real Estate, Wittman Real Estate