Sales of luxury U.S. homes fell 38.1% year over year during the three months ending Nov. 30, 2022, the biggest decline on record, according to a new report from Redfin, the technology-powered real estate brokerage. That outpaced the record 31.4% decline in sales of non-luxury homes. Redfin’s data goes back to 2012. The luxury market and the overall housing market have lost … [More]

Arizona drew the eyes of the world in 2022 as businesses made record investments and high-tech industries surged. “Made in Arizona” became an oft-repeated slogan with manufacturing breakthroughs across industries including semiconductors, electric vehicles, batteries, aerospace, renewable energy and more. By October, Arizona claimed the fastest year over year manufacturing job … [More]

ATTOM, a leading curator of real estate data nationwide for land and property data, today released its fourth-quarter 2022 U.S. Home Affordability Report showing that median-priced single-family homes and condos are less affordable in the fourth quarter of 2022 compared to historical averages in 99 percent of counties across the nation with enough data to analyze - far above … [More]

Nationwide, 24.1% of homebuyers looked to move to a different metro during the three months ending in November, according to a new report from Redfin, the technology-powered real estate brokerage. This percentage is on par with the record high set in the summer and up from around 18% before the pandemic. High mortgage rates and the uncertain economy are discouraging … [More]

Leading national design-build firm LGE Design Build (LGE) released its fourth quarter Construction Delivery Outlook report  that examines key trends in construction labor, supply chain, material costs and demand to determine what will define the industry in 2023. “Amid the speculation and uncertainty of a looming recession, this report provides critical insights that can … [More]

Inflation remains the top business problem for small business owners, with 32% of owners reporting it as their single most important problem in operating their business, five points lower than July’s highest reading since the fourth quarter of 1979. The Small Business Optimism Index rose 0.6 points in November to 91.9. November’s reading is the 11th consecutive month below the … [More]

The Consumer Price Index for All Urban Consumers (CPI-U) rose 0.1 percent in November on a seasonally adjusted basis, after increasing 0.4 percent in October, the U.S. Bureau of Labor Statistics reported today. Over the last 12 months, the all items index increased 7.1 percent before seasonal adjustment. The index for shelter was by far the largest contributor to the … [More]

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​Greater Phoenix saw its annual gross domestic product climb 7.7 percent since 2019, the last full economic year before the pandemic, according to the Bureau of Economic Analysis and its 2021 County GDP Report released Dec. 8. The metro area’s growth rate was more than twice the national average for the same period, 2.9 percent, and … [More]

Apartments.com, a CoStar Group company, released an in-depth report of multifamily rent growth trends for November 2022 backed by analyst observations. Monthly asking rents declined for their fourth straight month with the Sunbelt, Las Vegas and Phoenix highlighting the true nature of the deteriorating rent situation. “While sequential monthly rents have decreased for four … [More]

Homebuying demand has started ticking up as mortgage rates continue their steady decline, according to a new report from Redfin, the technology-powered real estate brokerage. Daily rates dipped to 6.29% on December 1, down one full percentage point from a peak of 7.29%, hit one month earlier. Mortgage-purchase applications are up 4% from a week ago, and Redfin’s … [More]