Net absorption of office space turned positive in the second and third quarters of 2024, following five consecutive quarters of shrinking demand. Although it is still possible that a recession could delay a recovery, recent trends suggest the office sector is stabilizing and that demand for office space will grow modestly in 2025, according to the NAIOP Research Foundation’s … [More]
Phoenix Metro Area Ranked No. 8 in Forecast of Top Housing Markets for 2025
The Valley takes spot in annual ranking of areas poised to see the strongest combined increase in home sales and listing prices
The Phoenix metro area, one of the market areas served by members of Phoenix REALTORS®, has been ranked No. 8 on the Realtor.com® 2025 top housing markets forecast. The 2025 forecast highlighted areas that are primed and ready for growth in the year ahead. This year’s list highlights markets characterized by moderately affordable homes, abundant inventory – mainly boosted by … [More]
Small Business Optimism Jumps Above 50-year Average
The NFIB Small Business Optimism Index rose by eight points in November to 101.7, after 34 months of remaining below the 50-year average of 98. This is the highest reading since June 2021. Of the 10 Optimism Index components, nine increased, none decreased, and one was unchanged. Following last month’s record high of 110, the Uncertainty Index declined 12 points in November to … [More]
2025 Predictions: Pent-Up Demand Will Lead to More Home Sales, but Many Would-Be Buyers Will Opt to Rent
Rental prices should stay flat while wages increase, improving affordability for renters, as the cost of buying a home rises
Redfin’s economists expect there will be more home sales in 2025, largely due to pent-up demand. But some would-be homebuyers will still be priced out, with home prices climbing and mortgage rates remaining near 7%. That’s according to annual housing market predictions from Redfin, the technology-powered real estate brokerage. Prediction 1: Home Prices Will Rise 4% Redfin … [More]
Feedback: December 2024
Q: What economic trends do you expect will impact your business in 2025? Randy Grudzinski Partner & Head of Capital Markets Empire Group of Companies Sector: Commercial Real Estate When it comes to new homebuyers, end of year 2025 30-year mortgage-rate expectations from the leading groups in this field really don’t signal that much relief is on the way. The Mortgage … [More]
The Pandemic-Led Rent Growth Boom Is Beginning to Fizzle, Metro Phoenix Sees No Change
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. The report highlights the slowing growth in key rental metros which all experienced population spikes during the … [More]
Gen Z and Millennials to Small Businesses: Get Online or Get Left Behind
New GoDaddy survey shows 80% of young shoppers research businesses before buying
Maintaining an online presence is important to small businesses, but is it necessary? According to new data from GoDaddy, if a business's target audience is Gen Z or Millennials, not having one could seriously impact their bottom line. A majority (80%) of 1,000 Gen Z and Millennial U.S. consumers surveyed in September shared they research small businesses online before … [More]
Investor Home Purchases Plateau after a Pandemic-Era Rollercoaster Ride, Phoenix Fared OK
Real estate investors purchased 2.3% fewer homes in the third quarter than they did a year earlier, according to a new report from Redfin, the technology-powered real estate brokerage. The small size of the change is notable because it comes after four years of huge swings driven by the wild pandemic-era housing market. For instance, investor purchases … [More]
Best U.S. Airports for Travelers: Phoenix Sky Harbor Ranks Second
New research into the factors contributing to an enjoyable airport experience for travelers has revealed a ranking of the best large hub airports in the US –with Phoenix Sky Harbor International Airport ranked second. The study by the online casino website Nieuwe Casino analyzed various reviews, facilities, and Google search volumes of the 31 busiest airports in the US … [More]
Consumers Plan to Spend Big This Holiday Season
JLL’s 2024 Holiday Shopping Report reveals that budgets will surge by more than 30% this holiday season
Driven by cooling inflation and the revival of physical storefronts, consumer spending habits will see significant shifts this holiday season compared to 2023, according to JLL’s 2024 Holiday Shopping Survey. After surveying over 1,000 consumers to understand how, when, and where shoppers plan to spend their dollars this holiday season, JLL reveals an expected 31.7% uptick in … [More]
Main Street Owners Feel More Confident as They Enter the Holiday Season; Arizona Voters Go Pro-Small Business
The NFIB Small Business Optimism Index rose by 2.2 points in October to 93.7. This is the 34th consecutive month below the 50-year average of 98. The Uncertainty Index rose seven points to 110, the highest reading recorded. A seasonally adjusted net negative 20% of small business owners reported higher nominal sales in the past three months, the lowest reading since July … [More]
The Number of Renter Households Is Growing Three Times Faster Than Homeowner Households
The number of renter households rose 2.7%, in the third quarter year over year, to a record 45.6 million. That’s according to a new report from Redfin, the technology-powered real estate brokerage. That rate of growth is three times faster than the 0.9% increase in homeowner households, which now total a record 86.9 million. The 2.7% increase—representing 1.18 million … [More]
Annual Home Price Slowdown Continues, Says Report
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index and HPI Forecast for September 2024. U.S. home price growth continued to cool, slowing to a 3.4% year-over-year in September. Compared to with the month prior, home prices rebounded to post a very slight uptick (0.02%) following … [More]
Buying Like It’s 2021: Nearly Half of Recent Buyers Have a Mortgage Rate Below 5%
Almost half of recent home buyers with a mortgage secured a rate below 5%, a recent Zillow® survey shows.1 Current mortgage rates are hovering near 7%, yet many home buyers who purchased a home in the past year thought outside the box to unlock homeownership. Mortgage rates surged from historic lows of 2.65% in 2021 to decade-long highs of 7.79% by the fall of 2023. This … [More]
2024 Is Shaping Up to Be the Smallest Black Friday Ever, Says GoDaddy Study
Consumers are in a giving mood this year, not just toward their friends and families, but also to small businesses. According to a new GoDaddy survey, 71%* of U.S. shoppers are willing to pay more to support small businesses during Black Friday and this year's holiday season, with an eye-popping 53%* of them willing to spend up to 10 percent more to do so. Despite 65%* of … [More]
Housing Market Stays Surprisingly Active as Election Looms and Mortgage Rates Hit 7%
Mortgage rates rose to 7% for the first time since early July this week, erasing their late-summer decline into the low-6% range. That’s according to a new report from Redfin, the technology-powered real estate brokerage. Rising rates, combined with economic uncertainty and anxiety brought on by the impending presidential election, are causing some prospective homebuyers and … [More]
The Business of Arts & Culture: How Growing Arts & Culture Benefits Our Economy
“Arts and culture is a significant industry in Arizona,” says Chris Camacho, president and CEO of the Greater Phoenix Economic Council, citing numbers that support the statement: The sector represents 3% of the state’s total GDP, employs more than 84,000 individuals and in 2022 added $14.2 billion to the economy. That last figure, he notes, is “nearly as much as agriculture, … [More]
Sandra Watson, Arizona Commerce Authority
Valuing Arts & Culture
The value of arts and culture is vital when evaluating the strength of an economy. Arts and culture is not only a revenue-generating sector on its own, it has been proven over and over to be a significant element of the health of the business community and in economic development. Arizona’s vibrant arts and culture scene is critical to our unbeatable quality of … [More]
