This newsletter is 729 words and should take about 7 minutes to read
Read last week’s newsletter here → "March 15th || Money As-Is"
Meme, tweet, & fact of the week
There are about 9.2 quintillion different ways to fill out a March Madness bracket. Warren Buffet has stated he will give $1 billion to whoever can correctly fill out a perfect bracket. That still has yet to happen.
tl;dr
The Phoenix market is slowing to due inventory being added to the market outpacing buyer demand.
The average interest rate is 6.72%. The lowest we’ve seen in 2025.
You can now finance Doordash orders.
Phoenix
For Buyers:
Phoenix has been in a buyer’s market for 3 out of the last 4 months, and it’s continuing into March as of this writing. Some buyers may be surprised to see price measures aren’t showing a decline yet, in fact the median is up 4.3% over last year. Price measures take at least 3-6 months to crack after a shift in the market, and that shift needs to be in effect for at least a season before it starts to hit the price line.
The reason it takes so long is for a number of reasons, but one is the length of the sale. When selling a home, first the seller needs to list it on the open market and possibly wait 30 days before accepting a contract. Then after another 30-45 days in escrow, the price finally records. Then in order to establish a trend, two more months need to be established to show a measurable decline in price. Stocks, in contrast, can be sold and recorded at the push of a button, so volatility and price responses are instantaneous, and crashes are common.
For Sellers:
Today’s buyer’s market is not due to falling buyer demand, It’s rising supply that’s causing sellers added stress. So far in this year, the Arizona Regional MLS has seen more new listings added to supply than it has in the last 4 years, and the highest total count of active listings since 2015. While buyer demand is improving, it’s not enough to absorb this many added listings. The byproduct is a spike in price reductions over the past 4 weeks (up 58% over last year) and stronger buyer negotiations, even for homes in perfect condition.
The average list price per square foot tells us that sellers are not pushing the market on price as much as they used to, with measures by price range mostly within 1% of last year, give or take. But added pressure from increased competition is causing some sellers to go the extra mile just to get an offer. That could mean staging their vacant home, or neutralizing paint, upgrading appliances, or more.
The Cromford Market Index is a gauge of Phoenix’s Supply and demand metrics. 100 is considered a balanced market. Anything higher than the 100-point benchmark is considered a seller’s market. Anything below 100 is considered a buyer’s market.
As of March 21st, the CMI has decreased to 81.6. Down 1 point from last week.
Supply has increased by 1.6 points and demand has increased by 4 basis points
Rates
Average interest rate: 6.72%
1-week rate change: -9 basis points
YoY change: -24 basis points
Everything is fine
Klarna, the AI-powered payments and commerce network, and DoorDash, the premier local commerce platform, have partnered to offer Klarna’s flexible range of payment options to DoorDash customers. In the coming months, DoorDash customers will be able to enjoy Klarna’s seamless range of payment options when purchasing groceries, retail, and even DashPass Annual Plan – on DoorDash.com or through the DoorDash app.
When customers reach check-out, they’ll see Klarna as an additional payment option, giving them more freedom to choose how they want to pay. Options will include:
Pay in Full allows customers to pay for what they love right away using Klarna’s seamless payment experience.
Pay in 4 allows customers to pay in four equal interest-free installments
Pay Later allows customers to defer payments to a more convenient time, such as a date that aligns with their paycheck schedules
When you see headlines that we’re a “resilient economy” and then a platform rolls out where you can finance your Taco Bell order, you start to ask questions.
S&p500 vibe check
