Following two months of year-over-year declines, home prices rose in August (+0.7%) as the number of homes on the market decreased for the second month in a row, down -7.9% year-over-year, according to the Realtor.com® August Monthly Housing Trends Report released today. Active inventory remained -47.8% below typical 2017 to 2019 levels, although an unseasonable increase in … [More]
Unlocking Opportunities with Hard Money
When does hard money lending make sense for businesses and investors?
In today’s dynamic business and real estate investment landscape, the availability of fast and flexible financing is frequently the key to success. That’s where hard money loans come into play. Hard money lending is a type of financing that allows borrowers to secure loans based on the value of real estate assets rather than their creditworthiness. While traditional … [More]
Real Estate Investors Pull Back, Buying 45% Fewer Homes Than a Year Ago
Investor home purchases fell 45% from a year earlier in the second quarter, outpacing the 31% drop in overall home sales, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the biggest decline since 2008 with the exception of the quarter before, when they dropped 48%. The decline comes as this year’s relatively cool housing and rental … [More]
See Which Arizona Charter Schools Top National Rankings
U.S. News & World Report, the global authority in education rankings, today announced the 2023-2024 Best High Schools rankings. The rankings evaluate nearly 18,000 public high schools at the national, state and local level. This year’s rankings showcase the schools whose students demonstrate outstanding outcomes, surpassing the anticipated benchmarks, including … [More]
August Job Growth among Small Businesses Unchanged from July
According to the Paychex | IHS Markit Small Business Employment Watch, the national Small Business Jobs Index — which measures the rate of small business job growth in the U.S. — is essentially flat at 99.10, a decrease of 0.04% in August. Meanwhile, an hourly earnings growth rate of 3.98% among U.S. small businesses is unchanged in August from July and below four percent for … [More]
First-Time Homeownership Surges: Half of All Home Buyers Are Making Their First Purchase
Half of all home buyers are purchasing their first home, the highest share that Zillow has ever recorded. Zillow's 2023 Consumer Housing Trends Report finds that first-time buyers now make up 50% of all home buyers, up from 45% last year and a meaningful jump from 37% in 2021. The share of first-time buyers likely hasn't been this high since around 2010, when there was a … [More]
Tourism Economic Impact in Mesa Reaches $1.1 Billion, Says Report
Visit Mesa’s latest annual economic impact report conducted by Tourism Economics finds 4.3 million visitors spent $710.4 million in 2022, which translates into $2 million spent by visitors every single day in Mesa and a total economic impact of $1.1 billion for the city and its residents. The report’s findings show this total economic impact sustained 7,767 jobs, generated … [More]
Greater Phoenix Home Sales, Prices Stay Steady as Residential Real Estate Figures Transition into Fall
Looking at numbers from a historical perspective, the residential real estate market in Greater Phoenix is better than expected when activity started slipping late in 2022, according to the latest market data from Phoenix REALTORS. Median sales prices in July remained generally steady at over $466,000, but down from $475,000 in June. However, the percentage of list price … [More]
Asking Rents Are Inching Closer to Their Record High, Says Report
The median U.S. asking rent in July was $2,038, just $16 below the record high set in August 2022. That’s according to a new report from Redfin, the technology-powered real estate brokerage. While rents are just shy of their all-time high, rent growth remains sluggish. The median asking rent was up just 0.3% from a year earlier in July, compared with a 13.6% annual gain in … [More]
Consumer Prices Rose 3.2 Percent in the Year through July, Slight Increase in the Inflation Rate
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.2 percent in July on a seasonally adjusted basis, the same increase as in June, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 3.2 percent before seasonal adjustment. The index for shelter was by far the largest contributor to the monthly all items … [More]
Small Business Owners Continue to Manage Challenging Economic Environment in July
The NFIB Small Business Optimism Index increased 0.9 of a point in July to 91.9, marking the 19th consecutive month below the 49-year average of 98. Twenty-one percent of owners reported that inflation was their single most important problem in operating their business, down three points from June. “With small business owners’ views about future sales growth and business … [More]
Arizona Economic Development Sets New Records, Projecting 24,246 New Arizona Jobs
Arizona economic development efforts continue to break records and earn international attention. During the 12-month fiscal period that ended June 30, 2023, the Arizona Commerce Authority and local economic development agencies successfully worked with companies that committed to creating a projected 24,246 new Arizona jobs with an average wage of $71,893. Those companies also … [More]
Luxury Homebuilder Reports New Spike in Out-of-State Buyers, Several Communities Nearly Sold Out
Custom Home Builder of the Year Cullum Homes is proud to announce the luxury builder is almost sold out and down to its final remaining homes for sale in several of its marquee communities. The Scottsdale-based builder is currently finishing construction on its final two remaining model homes for sale at the Village at Mountain Shadows. Nestled at the base of the Valley’s … [More]
New Survey Reveals Arizonans’ Deep Concern over Rising Homelessness
Significant majorities of likely Arizona voters spanning political parties and racial demographics are concerned about rising homelessness in the state and view the issue as a threat to public safety, according to a statewide poll commissioned by the Cicero Institute June 28 – July 3, 2023. On the policy front, Arizonans overwhelmingly – 80% of likely voters – support … [More]
Home Economics: Does the Housing Market Impact Our Economic Growth?
“When the housing market is strong, typically economic growth is strong,” observes Randy Bury, who has more than 25 years’ experience in home building, land acquisition and development and is founder and owner of Moderne Communities®, an Arizona-based real estate investment and development company. “I believe approximately 65–70% of GDP is consumer spending, of which … [More]
Brad Schoenberg, Taylor Morrison, Inc.
Bringing It Home
As Arizona is experiencing a surge in population, we are seeing construction starts throughout the Valley to accommodate the increased housing need. The housing market continues to serve as a significant driver of economic growth. At Taylor Morrison, we’re seeing that the housing consumer is evolving along with it, and that stability is coming to the housing market. … [More]
Feedback: August 2023
Q: How is the availability or development of various housing product impacting economic development in your city? Scott Cooper Economic Development Director (interim) City of Scottsdale Sector: Government Our region’s steady economic growth and diverse employment opportunities are continuing to draw businesses and individuals to the area. As a result, Scottsdale, like … [More]
