Closed sales climbed nearly 7% in July compared to the same month in 2023, according to the most recent data from Phoenix REALTORS. The number of deals topped 5,000, higher than last year and 2022. “With more listings coming onto the market and increased buyer selections, July showed promise for a normally slow summer month,” said Sheryl Bowden, Phoenix REALTORS board … [More]
Annual US Home Price Growth Below 5% for Second Consecutive Month as June Home Prices Cool
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for June 2024. U.S. year-over-year home price gains inched down, reaching 4.7% in June, falling further from the previous month’s 4.9% in what will likely be a continual slide throughout the next year. Although … [More]
Jobs Report: Main Street Compensation Plans Fall as Labor Costs Grow
Small businesses hiring plans remain stable while fewer plan to raise compensation
NFIB’s July jobs report found a seasonally adjusted net 33% of small business owners reported raising compensation in July, down five points from last month and the lowest reading since April 2021. A net 18% (seasonally adjusted) plan to raise compensation in the next three months, down four points from June. “Fewer small business owners are planning to raise compensation in … [More]
Luxury Home Values Are Rising Faster than Typical Homes for the First Time in Years
Luxury home value growth, which has consistently lagged the market's middle tier over the past several years, has now outpaced appreciation on typical homes for five consecutive months, a new Zillow® analysis shows. The typical luxury home nationwide — defined for this analysis as the most valuable 5% of homes in a given region — is worth about $1,620,000. Among the 50 … [More]
Arizona Attracted Record Capital Investment and Jobs Created in Fiscal Year 2024
Arizona economic development efforts continued to set a new standard of excellence and build on the state’s economic momentum in Fiscal Year 2024 (FY 24). In the 12-month fiscal period that ended on June 30, 2024, the Arizona Commerce Authority (ACA) and local economic development agencies successfully worked with companies that committed to creating a projected 24,251 new … [More]
Arizona Sixth for ‘Register to Vote’ Google Searches, Harris’ Social Media Soars
Vice President Kamala Harris’s social media followers have surged by 1.8 million across all accounts since Saturday as she becomes the presumptive Democratic Presidential nominee, while Arizona is sixth in relative searches for "register to vote". QR Code Generator analyzed Kamala Harris’s X and Instagram follower counts, as well as Google Trends data on registering to vote … [More]
Lights. Camera. Action. Arizona Has High Production Values in the Film Industry
“When the film and television industry was just getting started, Arizona was a huge part of it,” relates Randy Murray, who, as co-owner with wife, Theresa, of Randy Murray Productions, has three decades of experience in Arizona’s film industry. Noting that John Wayne and John Ford both had homes here and Dick Van Dyke built a studio in Carefree near his home, he adds, “We were … [More]
Matthew Earl Jones, Arizona State Film Office
Film in Focus
Arizona has a long and illustrious history as a filming destination. With increased collaboration among film partners statewide, Arizona is poised to once again become a premier filming destination. As outlined in this month’s cover story, the economic impact of film and digital media on Arizona is substantial. The Arizona Film & Digital Media Program (the State’s Film … [More]
How Businesses Can Prepare for an Uncertain Real Estate Market
Manage risk while navigating the ever-changing state of the real estate industry
If there’s one common theme that resonates across the real estate market, from property owners and investors to developers and asset managers, it’s uncertainty. Constant changes in the market, such as interest rates, inflation and rising operational costs, to name just a few, have the potential to negatively affect real estate businesses. With no crystal ball to illuminate a … [More]
Arizona Cities among Best in U.S. for Economic Growth
In the wake of the COVID-19 pandemic, Arizona has shown resilience and resurgence, positioning itself as a burgeoning "boomtown" and future economic powerhouse. In fact, five Arizona cities earned a place on CoworkingCafe’s study on the best U.S. cities for economic growth: Mesa and Phoenix, for large cities, with total points of 65.60 and 62.80, respectively); Gilbert and … [More]
Arizona Ranks among the Most Expensive States to Live In
A new study has revealed the most expensive states to live in based on disposable income adjusted for each region's cost of living. Arizona has the fourth lowest purchasing power in the country. Arizona's average annual disposable income is just $55,333, which is 2.9% lower than the national average. The study, conducted by QR Code Generator, utilized state-by-state … [More]
Their Take: ARA Responds to New Stat – Arizona Is No. 2 in Restaurant Inflation
USA Today recently listed Arizona as No. 2 on its list of the top five states that had been hardest hit by restaurant inflation. Arizona had increased 23%, from $96.68 to $118.54 when comparing the change in consumer spending during two-week periods that were analyzed. However, this doesn’t mean that Arizonans as spending the most on their dining out experiences. In fact, … [More]
Arizona Homeownership Surges with Seventh-Highest in US, Arizona’s Housing Market Is on Fire!
New research has revealed the state with the most significant increase in homeownership since 2014, with Arizona taking seventh spot. Arizona had the seventh-most significant rise in homeownership over the past ten years, with an increase of 8.41%. Real estate experts Agent Advice analyzed a recent housing vacancy and homeownership survey from government census data to … [More]
Nearly 1 in 4 Sellers Cut Home Prices as Inventory Grows
Home listings are piling up as buyers step back from the peak of home shopping season faster than normal, according to the latest monthly report from Zillow. "A growing segment of homes that aren't competitively priced or well marketed are lingering on the market. Sellers are increasingly cutting prices to entice buyers struggling with affordability," said Skylar Olsen, … [More]
Arizona Residents Expected to Pay 75% Increase in Electricity Costs this Summer
New data has revealed the states that will encounter higher electricity expenses this summer. Arizona residents will likely have to shell out an extra $100.15 per month to keep cool - the highest extra cost for any state. Conducted by electricity experts Texas Electricity Ratings, the study analyzed Energy Information Administration (EIA) data to rank states based on … [More]
Falling Mortgage Rates, Rising Supply Create Opportunity for Homebuyers This Summer, Even amid Record-High Prices
Homebuyers on a $3,000 monthly budget have gained over $20,000 in purchasing power since mortgage rates peaked in the spring
A homebuyer on a $3,000 monthly budget can afford a $447,750 home with a 6.85% mortgage rate, the daily average as of July 11, according to a new report from Redfin, the technology-powered real estate brokerage. That buyer has gained $22,500 in purchasing power since mortgage rates hit a five-month peak in April, when they could have bought a $425,500 home with an average rate … [More]
Scottsdale Named America’s Sixth Most Family-Friendly City
Scottsdale is the sixth most family-friendly city in America, according to a new study. Leader in educational student travel, Rustic Pathways, analyzed 323 cities in America based on three metrics: affordability, safety, and family and kid activities. Some aspects assessed in each city include family activities per 100,000 people, median booking prices on Booking.com, … [More]
Small Business Optimism Index Shows Main Street Still Pessimistic on Future of Economy
NFIB State Director Chad Heinrich says the latest NFIB Small Business Optimism Index highlights how inflation affects Arizona’s small, independent businesses. “Inflation remains a serious challenge for small businesses and their consumers,” Heinrich said. “While costs remain elevated, our Main Street businesses have openings they simply can’t fill. As they try to plan ahead, … [More]
