Housing markets in tech hubs and pandemic migration hotspots are cooling more rapidly than other parts of the U.S as the tech sector falters and mortgage rates remain elevated, according to a new report from Redfin, the technology-powered real estate brokerage. Austin, TX cooled fastest over the last year as the U.S. housing market descended from its pandemic-era boom. … [More]
Commercial Rent Problems Surge 6%, Highest Jump in 5 Months
Mirroring recent economic turmoil in the U.S., Alignable’s March Small Business Rent Report, released today, shows that rent delinquency rates have just experienced the highest surge in five months, jumping six percentage points from 32% in February to 38% in March, a record high for 2023 so far. Rising interest rates and rents, still-high inflation, and slumping revenues … [More]
Upsizing from Condo to House in Major Arizona Cities
There’s no denying that work from home has amplified homeowners’ dream for more space – but high costs and inflation are making it hard to realize. New data reveals that upsizing from a condo to a single-family home is very much possible – and even profitable – in 20 of the 200 largest cities in the U.S. To see what cities make upsizing from condo to house easier and where … [More]
Soaring Inflation, High Interest Rates Are Forcing Americans Into Risky Financial Moves to Make Ends Meet, Survey Finds
Record-high inflation and soaring interest rates are stretching the limits of household balance sheets, leaving many consumers to resort to extreme measures that can have long-term implications on their financial health, according to the latest study by Achieve, the leader in digital personal finance. The study, Financial Strategies for Fighting Inflation, is … [More]
Arizona Metro One of Best-Equipped for EVs in the Country, Says Study
The electric revolution marches on, with the US set on achieving new growth milestones every year. Changes in global transportation and mobility are being driven by the issue of climate change, with the shift to electric vehicles (EVs) viewed as a vital point in decreasing carbon emissions. Recently, StorageCafe conducted a study to identify the best-equipped metro areas for … [More]
Homebuyers Are in the Game, But Interest Rates Are Keeping Sellers on the Bench
Mortgage rates — both their high levels and their wild swings — are making life difficult for both buyers and sellers, according to Zillow's® latest market report1. Relatively high rates have brought new listings down to record lows, leaving buyers with limited options. Any dips in mortgage rates are stimulating demand and stiffening competition, but they have been … [More]
Home Sales Show Strong Increase and Slight Rise in Median Sales Price Over January
Despite being down 24.4% year over year, February home sales increased 16.8% from January. That was the largest month-over-month increase in 11 months and ended a five-month streak of sales declines that began in September. The median sales price of $385,000 increased 0.6% over January, ending a seven-month streak of price declines since the peak of $426,000 in June 2022. … [More]
Nearly Half of Home Sellers Are Making Concessions to Woo Buyers, Says Report
A record 13% of home sales include a price cut and a final sale price below the list price in addition to concessions, which often include money toward repairs and mortgage-rate buydowns Home sellers gave concessions to buyers in 45.5% of home sales recorded by Redfin agents during the three months ending February 28, according to a new report from Redfin, the … [More]
SBA Research Reports Great Increase in Small Business Exporters
The U.S. Small Business Administration (SBA) released new findings from a commissioned study on the Total Addressable Market (TAM) of small business exporters in America. Among the key findings from the study is new data, based on recent business surveys, that places the number of exporting small businesses at 1.3 million – an almost fivefold increase over the estimates … [More]
CPI Rises 6% in February as Shelter Increases, Inflation Falls as Expected
The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.4 percent in February on a seasonally adjusted basis, after increasing 0.5 percent in January, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 6.0 percent before seasonal adjustment. The index for shelter was the largest contributor to the monthly all … [More]
Rents Drop to Lowest Level in a Year, Says Report
The median U.S. asking rent rose 1.7% year over year to $1,937 in February—the smallest increase in nearly two years and the lowest level in a year, according to a new report from Redfin, the technology-powered real estate brokerage. Rents were up nearly 10 times that much (16.5%) a year earlier. February was the ninth straight month in which rent growth slowed on a … [More]
Employees Say Working On-Site Is Not Worth the Commute, According to New Research
About half (46%) of knowledge workers report that their companies are not doing anything to make it worthwhile to commute to the office, "The 2023 Future of Working and Learning Report" released today by Executive Networks found. A majority of senior HR leaders (71%) and senior business leaders (62%) agree that there's likely a "proximity bias" against remote/hybrid workers, … [More]
U.S. Annual Home Equity Gains Cool Again in Q4 2022, Says Report
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released the Homeowner Equity Report (HER) for the fourth quarter of 2022. The report shows that U.S. homeowners with mortgages (which account for roughly 63% of all properties) saw equity increase by 7.3% year over year, representing a collective gain of $1 trillion, for an … [More]
U.S. Annual Home Price Growth Continues Single-Digit Slowdown in January
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for January 2023. U.S. home prices continued their gradual free fall in January, with the 5.5% annual gain down for the ninth straight month and the lowest recorded since June 2020. Deceleration was particularly … [More]
Phoenix Ranks Fifth Nationally for Data Center Leasing Activity in 2022
Activity from out-of-state technology companies drove unprecedented data center leasing activity in Phoenix during 2022, according to a new report from CBRE. The market’s absorption – a measure of net leasing activity – had 44.3 megawatts (MW) of net absorption in 2022, an increase of 48.7% from 2021. “Phoenix continues to be a destination for many firms when selecting a … [More]
Small Business Job Growth Improved for the Second Consecutive Month While Wage Inflation Continues to Cool
The rate of hiring for U.S. small businesses increased in February led by hiring in the leisure and hospitality industry according to the latest Paychex | IHS Markit Small Business Employment Watch. The Small Business Jobs Index, which measures national employment growth for businesses with fewer than 50 workers, continued to increase to 99.66 while the rate of hourly wage … [More]
Million-Dollar Homes Are Less Common as High Mortgage Rates Cool the Market, Says Report
Just over 7% of U.S. homes are worth $1 million or more, according to a new report from Redfin (redfin.com), the technology-powered real estate brokerage. That figure is as of January 2023, the most recent data available. The share has dropped from June 2022’s all-time high of 8.6% and remains essentially unchanged from a year earlier–but it’s up from 4.2% just before the … [More]
Unique Annual Festival Creates $9M Direct Economic Impact for Chandler
The 2022 Annual Chandler Ostrich Festival, a signature event hosted by the Chandler Chamber of Commerce, pumped $9 million into the local economy over the course of its two-weekend run last year. Newly implemented RFID technology allowed the Chandler Chamber for the first time to document the behavior and spending patterns of vendors and visitors in order to quantify the … [More]
