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, and anyone with the data can reproduce every number. All readings are measured against a single fixed norm anchored to 2021–2026; years before the recent surge in luxury activity therefore read low on the same ruler, by design — the scale is never re-fit to flatter an era. 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 95.8 Normal May 96.7 Normal Apr 84.1 Normal Mar 87.8 Normal Feb 96.7 Normal Jan 97.9 Normal

2025

Dec 94.4 Normal Nov 115.2 Normal Oct 106.8 Normal Sep 97.3 Normal Aug 94.4 Normal Jul 97.8 Normal Jun 79.9 Normal May 69.2 Normal Apr 83.6 Normal Mar 80.1 Normal Feb 94.7 Normal Jan 90.3 Normal

2024

Dec 103.1 Normal Nov 101.4 Normal Oct 94.2 Normal Sep 102.1 Normal Aug 105.3 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.