The NFIB Small Business Optimism Index reached the highest reading of the year in May at 90.5, a 0.8-point increase but still the 29th month below the historical average of 98. The Uncertainty Index rose nine points to 85, the highest reading since November 2020. Twenty-two percent of owners reported that inflation was their single most … [More]
New Listings Up. Homes Selling Faster. Prices Continue to Rise.
Residential real estate inventory improved in May, according to data from Phoenix REALTORS
The number of new listings continued to climb in May in year-to-date comparisons, according to the latest data from Phoenix REALTORS. The first five months in 2024 were up more than 17% compared to the same period of 2023. Homes have also sold faster so far this year when compared to 2023, and the average days on the market dropped from 74 to 64. The year-to-date median sale … [More]
Small Business Compensation Plans Fall to Lowest Level Since 2021
Fewer owners are planning to raise compensation in the coming months
According to NFIB’s monthly jobs report, a net 18% (seasonally adjusted) of small business owners plan to raise compensation in the next three months in May, down three points from last month and the lowest reading since March 2021. Seasonally adjusted, a net 37% of owners reported raising compensation, down one point from April but historically very high. “An exceptionally … [More]
Office Space Absorption Predicted over the Next Two Years, but Contraction to Slow in 2025
Absorption of office space – the amount that is leased or occupied less the amount that is vacated or put on the market – is expected to remain negative through 2024 and 2025, though the rate of negative absorption is expected to slow to a near halt by the second half of 2025, according to the NAIOP Research Foundation’s Office Space Demand Forecast. “The office market … [More]
Monthly U.S. Home Price Gains Dip Below Seasonal Average
CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index and HPI Forecast for April 2024. Annual U.S. home price appreciation remained above 5% in April, with three states posting double-digit gains. By next spring, national price gains are projected to slow to 3.4%, with only a few states … [More]
Median Price per Square Foot Experiences Monumental Rise, Growing 52.7% Since 2019
According to the Realtor.com May housing data, median list prices have increased 37.5% since May 2019, and while prices grew in that time frame, inventory is down 34.2% compared with typical 2017 to 2019 levels pointing to the market being in seller-friendly territory. "In addition to higher median list prices and fewer homes for sale versus 2019, the increase in median … [More]
The Best States to Work from Home Are Tallied, See Where Arizona Ranks
New research has revealed the best states to work from home, with Virginia coming out on top and Arizona taking the third spot on the list. The study by ergonomic furniture brand Desky analyzed data on internet speeds, electricity costs per kilowatt-hour, and remote job vacancies in each US state to determine which states are best for working from home. It found … [More]
See Where Arizona Ranks for States Most Worried About Their Finances
New data reveals the states that are the most stressed about their finances, with Arizona coming fifth. Online lender CreditNinja analyzed average monthly search volumes over the past 12 months to discover the states searching the most for terms related to money and financial issues. The study examined over 200 search terms, including ‘money help’, ‘debt relief’, and … [More]
Phoenix #3 on Top 20 List of U.S. Metros Poised to Win in Manufacturing Boom
All $39 billion from the landmark CHIPS and Science Act is going to be allocated by the end of the year according to a recent announcement by the U.S. Government, incentivizing onshore semiconductor production with considerable tax breaks and direct grants. At the same time, cleantech tax credits, advances like solid-state EV batteries and a spike in investor interest for … [More]
Arizona Leads the Nation with 62% Surge in Home Insurance Rates over 5 Years
Across the U.S., home insurance rates have risen 37.8% since 2019. A significant portion of this increase is likely due to rising home prices. As home prices spike, so does the cost to insure them. Inflation and its effect on building materials also play a role. Although inflation has started to cool, the cost of building materials remains higher than in 2019, meaning the cost … [More]
Arizona’s Top Ranked ‘Side Hustle’ is Podcasting, Says Study
New research has discovered the most Googled side hustles in Arizona, with Podcasting at the top of the list. Knowledge entrepreneurs at Freedom Bound Business analyzed the total average number of monthly Google searches for terms related to side hustles, including ‘how to start [side hustle]’ and ‘how to make money from [side hustle]’ to determine which ones citizens are most … [More]
Phoenix Named Zillow’s Best Market for College Grads
College seniors who visited Phoenix for last month's NCAA basketball championship might consider staying and putting down roots. Phoenix is the best market for this year's college grads, boasting the best combination of rental affordability and concessions, job prospects and neighbors in their 20s for the class of 2024 to start life's next chapter on a high … [More]
Arizona Market Heats Up: Homeownership Sees Major Increase over a Decade, Research Shows
New research has revealed the states with the most significant increase in homeownership since 2014, with Maryland taking the top spot and in seventh was Arizona, with an 8.41% increase. Real estate experts Agent Advice analyzed a recent housing vacancy and homeownership survey from government census data to determine the states that had experienced the most significant … [More]
Home Prices Hit Another Record High, Pushing Pending Sales Down 4%, Says Report
Prices keep rising because this spring’s inventory is lower than usual. The sliver of good news for buyers is that mortgage rates have declined slightly
The median U.S. home-sale price hit a record $387,600 during the four weeks ending May 19, up 4% from a year earlier. That’s according to a new report from Redfin, the technology-powered real estate brokerage. Weekly average mortgage rates dipped to 7.02% from a five-month high of 7.22% at the start of the month, bringing the median monthly housing payment to $2,854, roughly … [More]
Arizona Is a Top Ten State with the Biggest Business Market Growth over the Last Decade
New research has found that Arizona has seen some of the biggest increases in new businesses in the U.S. over the last ten years compared to every other state. Arizona places tenth seeing an overall business market growth of 112.7% over the past decade. The study conducted by business formation experts CreditDonkey analyzed the number of business applications submitted … [More]
Moving Trends Report Lists Phoenix in Top 10 ‘Move-Ins’ Cities
PODS Enterprises, LLC, an industry leader that revolutionized the moving and storage category through its portable container service offerings, released its fourth annual Moving Trends Report identifying the top 20 cities Americans are fleeing from, and flocking to, in 2024. The report analyzes consumer movements throughout the past fifteen months, identifying the environmental … [More]
The Sun Belt Is Seeing Some of the Biggest Rent Declines in America
Nationwide, the median asking rent rose 1% to $1,648 in April—the first increase in a year
The median asking rent in Seattle fell 7.3% year over year in April, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the biggest drop among the U.S. metros Redfin analyzed. Next came nine Sun Belt metros: Austin, TX (-6.6%), Nashville, TN (-5.9%), Jacksonville, FL (-5.6%), Miami (-5%), San Diego (-4.7%), Phoenix (-4.6%), Charlotte, … [More]
Commercial Real Estate Sentiment Rebounds, Says NAIOP Index
The NAIOP CRE Sentiment Index, a key forecast of commercial real estate market conditions over the next 12 months, has increased significantly from the last survey in fall 2023. The Index rose to 52, from 46 in September, indicating that respondents expect conditions for commercial real estate development to be somewhat better over the next year. The NAIOP CRE Sentiment … [More]
