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]
Homeowners in Phoenix-Mesa-Scottsdale Rank #2 for Home Wealth Gains
Skyrocketing home values in the Phoenix-Mesa-Scottsdale metro area have increased homeowner's wealth by 118% in the past 5 years. In fact, Phoenix saw the 2nd most significant percentage increase in wealth from homeownership in the country. Over this period, homeowners in the area saw an average wealth gain of $256,600. A new report by our team at MyEListing, a real estate … [More]
Home Prices Fall Annually for First Time in a Decade as Mortgage Rates Pass 7%, Says Report
U.S. home-sale prices have fallen from a year earlier for the first time in more than a decade, according to a new report from Redfin, the technology-powered real estate brokerage. The milestone comes as 7% mortgage rates sideline buyers, and sellers are forced to lower their asking price to accommodate high rates. The typical U.S. home sold for $350,246 during the … [More]
More Choices for Home Buyers as Inventory Recovery Continues at Breakneck Speed
In February, active inventory rose 68% above a year ago; Austin, Las Vegas and San Antonio are first markets to recover pandemic inventory shortages and surpass pre-pandemic levels The U.S. supply of homes for sale rose at a record annual pace for the sixth month in a row, up 67.8% year over year in February, signaling the housing market's continued … [More]
What Steps Should Small Businesses Take to Prepare for a Recession?
Is the U.S. heading into a recession? Opinions are divided but, on one level, it doesn’t matter. It’s always a good time for small businesses to prepare for a downturn in the economy. The most important thing any small business should do toward that end is to take control of its finances. Ideally, this should happen well before a downturn looms. If not, however, there are … [More]
More Than $700M in Event Impact March for the Busiest Cities of Phoenix, Jacksonville, Tulsa, Las Vegas and Tampa
The March 2023 Event Index reveals 18 cities that need to prepare for unusually busy weeks as sports, major concerts and the key holiday festivals events drive more than $700 million and millions of people into cities across America. Phoenix, Las Vegas, Jacksonville, Tampa and Tulsa will experience the most intense event activity clusters. The Super Bowl may be over for … [More]
Pioneering Study for Adults with Autism and Intellectual/Developmental Disabilities Sheds Light on Invisible Housing Crisis
A comprehensive report that provides the data needed to drive a more neuro-inclusive local housing supply has been released by First Place® AZ, an Arizona nonprofit with the vision of ensuring housing, healthcare and community options are as bountiful for people with autism and other neurodiversities as they are for everyone else. Report findings recognize that current housing … [More]
Two Phoenix Public Financing Organizations Impact Local Communities
Investments benefit under-resourced communities
The Phoenix IDA, as outlined in the IDA Act, the state law that created it more than four decades ago, promotes community and economic development. Through innovative financing, the Phoenix IDA helps attract private capital that boosts economic development in the Greater Phoenix area. Additionally, as administrators of the Phoenix Community Development & Investment … [More]
Area Sellers Still Receiving Top Dollar for Homes Despite Fewer Closed Sales YOY
January delivered a strong start to the year, offsetting a slouching December, according to a report released by Phoenix REALTORS®. Analyzing the latest ARMLS data, there were 6,848 new listings hitting the market, compared to 4,105 in December. As well, average sale prices rose in January from December and sat at $539,617, which was up by nearly $4,000. “The first month of … [More]
By the Numbers: How Super Bowl LVII Was a ‘Phenomenal Success’ for Downtown Phoenix
On February 12, 2023, Arizona hosted the Super Bowl for the fourth time. While the game was played at State Farm Stadium in Glendale, many of the official NFL-hosted Super Bowl events were held in the Greater Phoenix region including Downtown Phoenix. Official numbers from events, visitors, and transportation are now being reported. “The official numbers coupled … [More]
Sale Prices Flatten, Demand for Mortgages Falls as Mortgage Rates Climb, Says Report
The median U.S. home-sale price was $348,000 during the four weeks ending February 19, essentially unchanged (+0.1%) year over year, according to a new report from Redfin, the technology-powered real estate brokerage. That’s the first time since at least 2015, when the data for this report begins, the typical home isn’t selling for more than it would have a year … [More]
