The Cromford Report observation for the first week of the year indicates new listings are down 11% compared to 2014 and down 5% compared with 2013. This observation refers to the broader Phoenix Metropolitan Market but is observed in the Scottsdale market segment as well.  This is very good news for sellers and means that supply is likely to remain tight. The Cromford® Market Index moved up to 97.8 yesterday, meaning that the market is very close to perfect balance (100). Since the trend is currently firmly upward, we believe the Phoenix and Scottsdale Housing Market Updatemarket is moving control away from buyers. The White House estimates that an additional 250,000 buyers will emerge over the next 3 years because of the FHA loan changes announced yesterday. If they are correct, this represents a 1.6% increase in demand. Along with the 3% down payment offerings from Fannie Mae, and shortly from Freddie Mac, this is probably enough to swing the market in favor of sellers over the next few months. Only a sharp increase in the supply of new listings is going to prevent this outcome. Such an increase is currently not looking very likely, but you never know for sure. If demand does increase significantly while supply remains low then upward pricing pressure will almost certainly re-emerge.