U.S. Pickleball Is on the Rise, Says Scottsdale-Based Governing Body

inbusinessPHX.com

USA Pickleball, the Scottsdale-based National Governing Body for the sport of pickleball, published its annual growth report, containing important industry metrics recorded in 2022. As the sport continued to expand across the country, USA Pickleball saw its membership increase nearly 30 percent over 2021. The National Governing Body currently has a membership base of nearly … [More]

Phoenix Is a Magnet for Wealthy Renters, Boasting More Than 10,000 High-Income Renter Households

inbusinessPHX.com

After a spectacular 82% growth between 2015 and 2020, the number of high-income renters has reached 2.6 million nationwide. What’s more, we discovered a new type of tenants among the high-heeled renters: the millionaire renters, whose number has tripled in the past 5 years.  Phoenix claims 10th place on the list of America’s top cities that have seen significant increases in … [More]

House Prices Declining Fastest in Overvalued Markets, Phoenix Not So Much

Rick McCartney

First American Financial Corporation, a premier provider of title, settlement and risk solutions for real estate transactions and the leader in the digital transformation of its industry, today released the November 2022 First American Real House Price Index (RHPI). The RHPI measures the price changes of single-family properties throughout the U.S. adjusted for the impact of … [More]

Retail on Top: Why Brick-and-Mortar Businesses Are Booming

by RaeAnne Marsh

Commerce makes the world go ‘round, and retail is its end play. With all the shifting and challenges of recent years, In Business Magazine decided to take a look at retail’s brick-and-mortar component, where transactions are made with a human connection. Here’s the human voice of retail enterprises that span merchandise and service, from one-shop businesses to those … [More]

Evolution of Retail and Malls in the Phoenix Metro

by Ryan Sarbinoff

Over the past 20 years, retail real estate has continued to adapt and evolve in the face of several headwinds, including the broader adoption of e-commerce and greater focus on social experiences. One of the key avenues by which the retail sector has changed is the embracing of an omnichannel presence. The second key avenue is integrating mixed-use spaces that expand the retail … [More]

Kate Borders, Downtown Tempe Authority

from Kate Borders

Experiential. That’s the buzzword in business these days. And, for retail, that’s where brick-and-mortar really shines. Individual businesses call it customer service, destinations like shopping districts and malls build on that through events and, yes, their mix of merchants. The street-level experience in Downtown Tempe is ever evolving and we are constantly looking for … [More]

Nonprofit Teen Lifeline Accepts Crypto Donations

by Mike Hunter

Phoenix-based nonprofit Teen Lifeline is now one of several thousand nonprofit organizations in the United States accepting cryptocurrency donations, joining the ranks of much larger, national nonprofits like the Ronald McDonald House, Save the Children and the Make-A-Wish Foundation of America.  The IRS classifies cryptocurrency as property, so donations to qualifying … [More]

While Economic Clouds Gather, It’s Still Sunny in Phoenix

by Daniel Altman

Despite predictions of a mild recession, 2023 may be the first year since the start of the COVID-19 pandemic when the economy feels almost stable. Inflation is coming down, the labor market remains vibrant, and huge shifts in spending across sectors are looking like a thing of the past. Best of all, the coming trends play directly into the Phoenix area’s greatest … [More]

Survey Reveals 4 in 10 Companies Are Hiring Contractors to Replace Laid-Off Workers

inbusinessPHX.com

ResumeBuilder.com, the premier resource for professional resume templates and career advice, has published a recent survey report that shares insight into how many companies are currently “quiet hiring.” Researchers analyzed responses from 1,000 business leaders at companies with at least 50 employees. According to the report, 57 percent of business leaders surveyed say they … [More]

U.S. Mortgage Performance Remains Exceptionally Healthy

Rick McCartney

CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its monthly Loan Performance Insights Report for November 2022. For the month of November, 2.9% of all mortgages in the U.S. were in some stage of delinquency (30 days or more past due, including those in foreclosure), representing a 0.7 percentage point … [More]

Phoenix Area Renting Costs Nearly $1,116 Less per Month than Buying, Says Report

inbusinessPHX.com

For many Americans hoping to make the transition to first-time buying in 2023, renting will likely offer relatively more affordable options in the months ahead, according to the Realtor.com® Monthly Rental Report released today. On average across the 50 largest U.S. metros in December, a typical renter faced a 41.4% ($792) lower monthly payment than a starter homeowner. In the … [More]

Report: The Housing Market Has Started to Recover But We’re Not Out of the Woods Yet

inbusinessPHX.com

The housing market has begun to recover after hitting a low point in the second week of November, according to a new report from Redfin, the technology-powered real estate brokerage. The number of Redfin customers requesting first tours has improved 17 percentage points from the November trough, and the number of people contacting Redfin agents to start the homebuying … [More]

Despite Some Cooling in Q4 2022, Phoenix Industrial Market Remains Very Strong

inbusinessPHX.com

The Phoenix industrial real estate market remained one of the strongest in the country during the fourth quarter of 2022, with rental rates continuing to climb and vacancy levels remaining stubbornly low, even as investment activity dropped significantly, according to new research from Transwestern Real Estate Services (TRS). Transwestern tracks industrial properties in nine … [More]

Home Prices Post Small Increase as Mortgage-Rate Drop Attracts Buyers, Phoenix Prices Fell 3.7%

inbu

Redfin Reports Home Prices Post Small Increase as Mortgage-Rate Drop Attracts Buyers An increase in home searches and tours at the end of 2022 is starting to translate into purchases as mortgage rates fall. Mortgage applications are up 25%, and the slowdown in pending sales is easing. The median U.S. home-sale price increased 0.9% from a year earlier to … [More]

2022 Proved to be Year of Transition for Residential Real Estate, Says Report

inbusinessPHX.com

From enormous gains to an anticipated tempering, a lot has happened over the course of 2022. That’s according to a report based on the most recent ARMLS data released by Phoenix REALTORS® that outlines the state of the residential real estate market and where it is anticipated to go in 2023. “When we look at where we began – mortgage rates near historic lows, fierce buyer … [More]

Rents Rising Faster Than Home Prices in Almost Half the U.S., Not in Maricopa County

inbusinessPHX.com

ATTOM, a leading curator of real estate data nationwide for land and property data, today released its 2023 Rental Affordability Report, which shows that the average three-bedroom rent is more affordable than owning a comparably sized median-priced home in 210, or 95 percent, of the 222 U.S. counties analyzed for the report. Both renting and owning a … [More]

Report Reveals Latest Construction Trends in North American Cities, Phoenix Sees Cost Increases

inbusinessPHX.com

International property and construction consultancy firm Rider Levett Bucknall (RLB) has released its Quarterly Cost Report providing an on-the-ground picture of construction activity in 14 key North American markets and data-driven insights into the industry for the fourth quarter of 2022. As 2022 comes to a close, the construction industry continues to face a variety of … [More]

Phoenix Added More Than 19,600 New Apartments since 2012, 18% Increase in the Past Decade

inbusinessPHX.com

New year, new challenges. As rentals are a red-hot commodity these days and older buildings are almost filled up, in their latest report, Rent Cafe uncover the top 50 cities in the U.S. where renters have the best chances of moving into newer, larger apartments located in coveted areas. Phoenix ranks 5th among Arizona’s best cities for finding new apartments. However, … [More]

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