Here is an overview of the Phoenix Arizona Metro real estate market from Michael Orr at The Cromford Report: "The Cromford Index™ is a set of market indicators that we use to measure the balance of supply and demand. It can be applied to the whole market or to any subset, provided that subset is large enough to be meaningful. It compensates for seasonal factors and measures supply and demand based on long term historical trends.
The Cromford Supply Index™ (CSI) represents the supply position. Values above 100 indicate an excess of supply of unsold homes compared to historic norms for the market being considered. Values below 100 indicate a shortage of homes on the market. A reading of 100 indicates balance.
The Cromford Demand Index™ (CDI) represent the demand for homes. Values above 100 indicate higher than normal demand and values below 100 indicate lower than normal demand. "Normal" is defined by the historical data for the market under consideration. A reading of 100 represents balance.
The Cromford Market Index™ (CMI) is a single value that indicates the balance of the residential resale market. Values below 100 indicate a market that favors buyers. Values above 100 indicate a market that favors sellers. A value of 100 is equally balanced."