The median U.S. asking rent rose 4.8% year over year to $1,979 in December—the smallest increase since July 2021, according to a new report from Redfin, the technology-powered real estate brokerage. Rents grew at more than three times that pace one year earlier. December also marked the seventh straight month in which annual rent growth slowed and the fourth … [More]
Arizonans Wagered More Than $618M in October Sports Betting
Arizonans wagered over $618 million in October of 2022, according to a new report by the Arizona Department of Gaming. This represents a 27.3% increase when compared to October of 2021. “It is clear Arizona’s sports betting industry continues to grow, with over $132 million more dollars wagered in October of 2022 when compared to the same month of 2021,” said Ted Vogt, … [More]
Most Americans More Likely to Stay in Hotels in 2023 vs. 2022, Says Survey
60% of Americans report being more likely to stay in hotels this year than in 2022, and hotels are the top lodging choice among those planning to travel for business and leisure in the next three months, according to new national Hotel Booking Index survey research commissioned by the American Hotel & Lodging Association (AHLA) and conducted by Morning … [More]
Annual Home Price Growth Slows to Two-Year Low in November, Says Report
CoreLogic®, a leading global property information, analytics and data-enabled solutions provider, today released the CoreLogic Home Price Index (HPI™) and HPI Forecast™ for November 2022. Year-over-year home price growth ended its 21-month streak of double-digit momentum in November, posting an 8.6% gain, the lowest rate of appreciation in exactly two years. Although … [More]
Job Creation: Why is Metro Phoenix the Hot Job-Growth Market?
Sendoso is adding nearly 1,000 jobs to its established workforce here as it relocates its corporate headquarters from San Francisco to Phoenix’s historic neighborhood The Grove. Taiwan Semiconductor Manufacturing Company expects to create 10,000 high-paying high-tech jobs at the two fabrication facilities it is building in north Phoenix, including 4,500 direct TSMC jobs. … [More]
Hyperinflation: If You Are Reading This, You Are Already Behind
As we enter a phase of hyperinflation, no one has the muscles or experience to navigate this new business climate, which means CEOs and their leadership teams need to figure out a new way to lead and win. The hyperinflationary toolkit is drastically different from the one that has been applied for the past 30 years, with steady 1% to 3% inflation combined with a cost of capital … [More]
Chris Camacho, Greater Phoenix Economic Council
Greater Phoenix is an attractive destination for workers, expanding faster than any other U.S. market with an injection of nearly 100,000 new residents annually. Employment opportunities are growing just as fast. With the announcements of more than 10,000 jobs over the last year, it’s clear that momentum is building throughout the Valley. Massive growth in advanced industry … [More]
Feedback: January 2023
Q: In retaining your employees, what have you found they value most about your company? Is this the same or different for attracting new employees? Jayme DeVary Director of People Operations HomeSmart Sector: Real Estate There are many things we do at HomeSmart that results in retention, but one standout item is our culture. We have a culture that we call “Bamily”— our … [More]
Strategizing around Volatile Interest Rates
On Dec. 14, 2022, the Federal Open Market Committee (a committee within the Federal Reserve System) raised its target rate +50 basis points, making the new upper limit of the Fed Funds Rate to set at 4.5%. While the actual change in the target rate came in as expected, the still very hawkish stance from the Fed may have surprised some market participants due to the recent … [More]
Homes Linger on the Market as Buyers Take Their Time
The total number of homes for sale rose 18% from a year earlier during the four weeks ending December 25, the biggest increase since at least 2015, according to a new report from Redfin, the technology-powered real estate brokerage. Inventory is up even though new listings are down by double digits because homes are taking a long time to sell amid 6%-plus mortgage … [More]
Map Detailing Where Americans Moved in 2022 Shows Arizona as a Top Destination
North American Van Lines, Inc., a household, international, corporate, and long distance professional moving company, this week released their annual migration map that details where Americans moved this past year. The map uncovered a sizable trend of Americans leaving high cost-of-living areas for warmer climates with more reasonable housing conditions, noting southern … [More]
