Greater Phoenix's residential real estate market weathered unprecedented challenges in 2023, with factors such as a shortage of listings, record-high mortgage rates and hesitant sellers making it the toughest year for the market since 2009, according to the latest market data reports from Phoenix REALTORS®. Yet despite the challenges, REALTORS are turning their gaze towards a … [More]
89% of People with Mortgages Have an Interest Rate Below 6%, Down from a Record 93% in 2022
Nationwide, 88.5% of U.S. homeowners with mortgages have an interest rate below 6%, down from a record high of 92.8% in mid-2022, according to a new report from Redfin, the technology-powered real estate brokerage. That means more than 88.5% of homeowners with mortgages have a rate below the current weekly average of 6.66%, prompting many to stay put instead of selling and … [More]
The New Year Brings an Uptick in Early-Stage Demand as Mortgage Payments Fall and More Homes Hit Market, Phoenix Area Highest in New Listings
As mortgage rates hold steady in the 6% range and new listings tick up, mortgage-purchase applications and Redfin home tours are rising
Pending U.S. home sales posted their smallest year-over-year decline in two years (-3%) during the four weeks ending January 7, according to a new report from Redfin, the technology-powered real estate brokerage. Mortgage-purchase applications are up 3% from a month ago, and Redfin’s Homebuyer Demand Index—a seasonally adjusted measure of requests for tours and other buying … [More]
New Report Finds Growth of Women Business Owners Outpaces the Market, Metro Phoenix a Top Area
Women-owned businesses continue to fuel the economy, representing 39.1% of all businesses – over 14 million – employing 12.2 million workers, and generating $2.7 trillion in revenue. According to the 2024 Wells Fargo Impact of Women-Owned Business Report, in partnership with Ventureneer, CoreWoman, and Women Impacting Public Policy (WIPP), the number of women-owned businesses … [More]
Inflation Returns as Top Business Problem on Main Street, Says Report
Inflation surpassed labor quality in December as top business problem
The NFIB Small Business Optimism Index increased 1.3 points in December to 91.9, marking the 24th consecutive month below the 50-year average of 98. Twenty-three percent of small business owners reported that inflation was their single most important problem in operating their business, up one point from last month, and replacing labor quality as the top concern. “Small … [More]
Labor Quality Remains Top Concern for Small Business Owners
Forty percent of owners have job openings they could not fill
The percent of small business owners reporting labor quality as their top small business operating problem remains elevated at 20%, according to NFIB’s monthly jobs report. Labor costs reported as the single most important problem for business owners increased one point to 9%, four points below the highest reading of 13% reached in December 2021. “The tight labor market has … [More]
Interest Rates Expected to Fall, Boosting Affordability in Arizona’s Home Market
After a year of record-high interest rates and challenges posed from limited inventory, Arizona REALTORS® are optimistic as they look ahead to a promising year for housing in the Grand Canyon State marked by steady developments that will benefit both buyers and sellers. Shelley Ostrowski, 2024 Arizona Association of REALTORS® (the “Arizona REALTORS®”) president and designated … [More]
Business Leaders Split on Recession Forecasts as Economic Outlooks Moderate, Says Survey
Performance expectations remain high despite labor and inflation challenges
Following a year marked by banking industry disruption, geopolitical risks and sustained macroeconomic challenges, small and midsize business leaders are sharing a more balanced outlook heading into 2024, while pulling back from previous predictions of a near-term recession, according to JPMorgan Chase’s 2024 Business Leaders Outlook survey released today. Expectations for a … [More]
Homebuyers’ Monthly Payments Drop to Lowest Level in Nearly a Year, Bringing Back House Hunters
The median U.S. housing payment is down nearly $400 from its October peak, enticing some sidelined buyers to get back in the game
The median U.S. mortgage payment was $2,361 during the four weeks ending December 31, according to a new report from Redfin, the technology-powered real estate brokerage. That’s down $372 (-14%) from October’s all-time high to its lowest level in nearly a year. Early-stage homebuying demand is starting to pick up as buyers take advantage of lower rates and more homes … [More]
Chips, Climate, Culture, College, Construction: The New ‘5 C’s’ of Our Economy
Arizona’s early economy was based on the strength of what it famously called the “5 C’s”: Climate, Cattle, Copper, Cotton and Citrus. Some of those continue to infuse strength to the state’s economy, some have morphed into a broader category, and some have had their elite spot usurped by a newcomer. In Business Magazine offers a 2024 take on the 5 C’s economy for Arizona … [More]
Tech for Good: Emerging Sustainable Growth Markets
As Tech for Good becomes a wider field with broader applications, the related sustainable growth markets are being unlocked and discovered. New sustainable tech areas are popping up and growing rapidly where solutions are urgently needed. Tech areas that were not traditionally associated with sustainable objectives are now beginning to turn their focus toward Tech for Good. … [More]
Food as Medicine: Venture Capital’s Appetite for a Healthier Future
Startups in the nutritional food space are gaining increased traction
For decades, venture capital chased the next tech innovation or disruptive platform. Today, a new wellness sector is garnering attention: the intersection of food and medicine. This “food-as-medicine” movement is reimagining what it means to be “healthy,” and venture investors’ palates are lathering at the prospect of savory returns. However, deploying venture capital to … [More]
Arizona’s Clean Energy Scorecard
Honeywell Aerospace recently hosted a roundtable event — “Powering Arizona: Maximizing Historic Federal Investment for a Clean Economy” — at its Advanced Air Mobility Lab in Phoenix. With representatives from Honeywell, Microsoft, Lucid Motors, KORE Power and other major employers in the state, along with Blaise Caudill, energy policy advisor at the Governor’s Office of … [More]
Arizona Lottery Celebrates a Winning Year in 2023: Unveils Impressive Wins and Community Impact
From Life-Changing Jackpots to Small-Town Triumphs, Arizona Lottery Reflects on Diverse Successes and Contributions in the Past Year
As December draws to a close, the Arizona Lottery is thrilled to reflect on an extraordinary year of success and excitement. In 2023, the state experienced a remarkable surge in lottery wins, totaling an impressive 16,417 over $600 each across various games. Across all wins resulted in more than $868 million in total prizes distributed to lucky winners, contributing to the … [More]
Embracing the Future: Phoenix’s Small Business Landscape in 2024
A glimpse into the projected trends that promise to shape the Greater Phoenix small business community in the coming year
As we stand on the cusp of 2024, the entrepreneurial spirit in Phoenix is palpable, with the region’s economy showing robust momentum over recent months with new business growth exceeding the national average. But with a global economic downturn looming and new technological and societal trends emerging every day, businesses in Phoenix need to adapt if they want to thrive in … [More]
Declining Mortgage Rates Lure Sellers Off Sidelines, Paving the Way for 2024 Buyers
This week’s falling mortgage rates, sizable year-over-year increases in both new listings and listing consults with Redfin agents, and surge in housing starts all suggest that 2023’s frozen housing market is thawing. Sales are likely to climb after the typical holiday lull. That’s all according to a new report from Redfin (redfin.com), the technology-powered real estate … [More]
Mortgage Rates and Housing Payments Drop to Lowest Level Since Spring
Daily average mortgage rates have fallen to 6.82% and housing payments have dropped to their lowest level since April. That’s according to a new report from Redfin, the technology-powered real estate brokerage. This marks the first time daily rates have dipped below 7% since July. Rates dropped after the Fed brought good news to homebuyers at its December 13 meeting, … [More]
New Multifamily Renter Sentiment Report Reveals Surprising Trends in Housing Choices and Generational Preferences
Knightvest, a fully integrated real estate investment and management company, released the results of the company's first annual survey measuring multifamily renter sentiment. The survey provides insights into the rent-versus-buy decision, the downstream effects of high mortgage interest rates, and differences in generational preferences around … [More]
