The Marta Walsh Index · Reconstructed record

How We Scored History

Every month of Arizona’s luxury market, 2007–2026, under the published methodology

The index went live in August 2026. Everything before that is a reconstruction: the frozen methodology run backward across the complete MLS record — the same construction, the same seasonal correction, the same norm. These pages did not exist contemporaneously, and each one says so. That is precisely what makes them checkable: the method is published, the full series is downloadable (CC BY 4.0), and anyone with the data can reproduce every number. Each month is measured against its own trailing five-year norm — the market as it stood in the five years just before it. So 2018 is judged against 2013–2018, and reads the way it was actually lived, rather than against a single fixed era that would make every calm year look broken. New months of the reconstruction release weekly until the record is complete; the issue archive holds everything published live since launch.

2026

Jul 111.6 Normal Jun 95.7 Normal May 96.2 Normal Apr 82.8 Normal Mar 85.2 Normal Feb 93.6 Normal Jan 93.9 Normal

2025

Dec 88.6 Normal Nov 107.3 Normal Oct 99.1 Normal Sep 89.8 Normal Aug 85.4 Normal Jul 88.0 Normal Jun 71.9 Normal May 62.3 Cold Apr 75.2 Normal Mar 72.0 Normal Feb 85.2 Normal Jan 81.2 Normal

2024

Dec 93.0 Normal Nov 91.6 Normal Oct 85.4 Normal Sep 92.6 Normal Aug 95.6 Normal Jul 82.7 Normal Jun 81.0 Normal May 76.8 Normal Apr 87.4 Normal Mar 90.6 Normal Feb 75.5 Normal Jan 76.7 Normal

2023

Dec 79.3 Normal Nov 81.4 Normal Oct 110.6 Normal Sep 121.3 Normal Aug 124.0 Normal Jul 111.5 Normal Jun 120.0 Normal May 127.4 Normal Apr 120.8 Normal
Reconstructed readings computed under the methodology published at /research/mwi/. The index did not publish contemporaneously before August 2026. Based on information from the Arizona Regional Multiple Listing Service, 1998 through the build date shown on each page. ARMLS did not produce and does not endorse this analysis.