According to The Cromford Report's Cromford Market Index, built from data licensed through the Arizona Regional Multiple Listing Service (ARMLS), the Valley's 18 largest cities split into eight seller's markets, three balanced markets, and seven buyer's markets as of September 3. A month earlier, the count was eight seller's, four balanced, six buyer's. Almost nothing changed.

The appreciation many Phoenix homeowners saw over the last few years didn’t disappear just because the market feels slower. For many owners, that appreciation became equity, and that equity does a lot of heavy lifting. 

Recent reporting shows that “marry the house, date the rate” can still be useful guidance, but only when buyers understand its limits.