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]
Residential Developers Market Size Expected to Reach or Exceed $200 Billion in 2023
Like many industries and markets, the residential real estate market was adversely affected by the pandemic. However, despite this disruption, the housing market is resilient with increasing homeownership in this sector. Industry reports actually see a rise in revenues through 2028. One such report from IBISWorld projects that the Housing Developers market size, measured by … [More]
Inflation Eases Slightly on Main Street but Remains Top Business Problem
The NFIB Small Business Optimism Index increased 0.5 points in January to 90.3, remaining below the 49-year average of 98. Down six points from last month, 26% of owners reported inflation was their single most important problem in operating their business. Owners expecting better business conditions over the next six months improved six points from December to a net negative … [More]
Remote Work Report Reveals How the Pandemic Reshaped Local Economies and the Way We Work
Yelp data found that about 25% of U.S. states, including Washington, D.C., experienced a decrease in their share of search locations, most notably Washington, D.C. (down 26%), New York (down 12%) and California (down 12%). Approximately 30% of U.S. cities* experienced a decrease in the share of searches compared to 2019, with several of them concentrated in large coastal cities … [More]
Housing Market Recovery Stalls as Mortgage Rates Jump, Says Report
Some homebuyers are retreating back to the sidelines as mortgage rates ascend toward 7%, according to a new report from Redfin, the technology-powered real estate brokerage. Redfin’s Homebuyer Demand Index—a measure of requests for tours and other services from Redfin agents—fell 1% from a week ago, the first decline after a month of increases, and mortgage-purchase … [More]
Scottsdale Airpark Report Indicates Demand Exceeding Supply for Space
Colliers in Arizona has released the annual Greater Scottsdale Airpark 2030 Report, indicating healthy conditions within the growing submarket. According to the report, demand for commercial space in the area is exceeding supply and development of new space is being handled at a healthy pace. “Many are speculating a future recession, but we are not overly concerned about … [More]
Super Bowl Sick Monday: Arizona Ranks 3rd for Wanting a Sick Day
It's the morning after, also known as Super Sick Monday - this day has been notoriously known as a day when people call out of work. But which states suffer the most from ‘Super Bowl Sick Monday’? To reveal this, Betway analyzed Google search data for each state for terms such as ‘calling in sick to work’, and ‘how to call out of work’, with Arizona ranking 3rd on the … [More]
Report on Economic Impact of Asian-Owned Businesses in Arizona Launched, Supported through JPMorgan Chase Donation
Asian-American small business owners in Arizona will be surveyed this year to account for their contributions to the local economy and understand challenges. The study, sponsored by the Arizona Asian Chamber of Commerce, will be the second of its kind conducted by the local business group through a donation from JPMorgan Chase. In 2016, the Arizona Asian Chamber launched … [More]
Super Industry: Arizona’s Sports and Tourism Sector Contributes $24.1 Billion to State Economy
As Super Bowl LVII descends on Arizona, a new report from the non-partisan Common Sense Institute finds that the total impact of the state’s sports and tourism sector is significant – a total of $24.1 billion in Gross Domestic Product and hundreds of thousands of jobs. Moreover, this important industry – 11 percent of our workforce and 6.4 percent of total economic activity … [More]
