​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ Community and Economic Development Metro area average weekly earnings approached $993, just shy of the western states’ average of $1,036. Phoenix’s average small business hourly wage climbed 5.1 percent to $29.70 when comparing March 2022 to March 2021, ranking seventh among metropolitan … [More]

Most hires took positions in the food and beverage industry sector reflecting seasonal hiring, increased tourism and more new restaurants opening this year than last February. Nearly 21,000 new positions were filled in the sector. Retail hiring was also strong with almost 15,000 new hires compared to last year. Professional, technical and scientific positions placed … [More]

The typical U.S. condo sold for a record $319,000 in February, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up 14.6% from a year earlier and 22.7% from two years earlier, just before the pandemic began. Condos are in demand partly because they’re a comparatively affordable option amid skyrocketing home prices and rising mortgage … [More]

Housing prices jumped the most since summer 2021—up 17% year over year to a new high, according to a new report from Redfin, the technology-powered real estate brokerage. At the same time, a 7% drop in new listings kept homebuyer competition elevated amid rapidly rising mortgage rates. Nearly 3 in 5 homes were snapped up within two weeks, an all-time high, and half sold for … [More]

The housing market is expected to return to pre-pandemic, 2019 norms — at least in terms of inventory and the share of purchases made by first-time home buyers — by 2024 according to a panel of housing market experts polled in the latest Zillow® Home Price Expectations Survey.  The dwindling supply of homes for sale has been a key driver of the recent explosion in U.S. home … [More]

In the week ending March 19, the advance figure for seasonally adjusted initial claims was 187,000, a decrease of 28,000 from the previous week's revised level. This is the lowest level for initial claims since September 6, 1969 when it was 182,000. The previous week's level was revised up by 1,000 from 214,000 to 215,000. The 4-week moving average was 211,750, a decrease of … [More]

Nearly one-third (32.3%) of Redfin.com users looked to relocate in January and February, according to a new report from Redfin, the technology-powered real estate brokerage. That’s up from 31.5% in the first quarter of 2021 and up significantly from 26% in 2019, before the pandemic began. Homebuyers are relocating at a record rate largely because remote work is … [More]

Home prices climbed 16% year over year to a new all-time high of $389,500 in February as the number of homes for sale fell to another new low, according to a new report from Redfin, the technology-powered real estate brokerage. The lack of inventory is holding back home sales, which were down 4% from January. “An acute shortage of homes for sale continues to stymie … [More]

Two years into the pandemic, the U.S. housing market is virtually unrecognizable from its previous state, with nearly half the number of homes for sale, prices higher by one-third and rising, and rents hundreds of dollars more a month, Zillow®'s latest monthly market report1 shows.  None of that has curtailed demand, with listed properties flying off the market and sales … [More]

In the week ending March 12, the advance figure for seasonally adjusted initial claims was 214,000, a decrease of 15,000 from the previous week's revised level. The previous week's level was revised up by 2,000 from 227,000 to 229,000. The 4-week moving average was 223,000, a decrease of 8,750 from the previous week's revised average. The previous week's average was revised up … [More]

CoreLogic, a leading global property information, analytics and data-enabled solutions provider, today released its latest Single-Family Rent Index (SFRI), which analyzes single-family rent price changes nationally and across major metropolitan areas. U.S. single-family rent prices started 2022 strong, increasing 12.6% year over year in January compared to 3.9% in … [More]

The NFIB Research Center released the latest COVID-19 survey assessing the impact of the COVID-19 pandemic on small businesses. This is the 22nd survey in the series and includes an update on prices, supply chain disruptions, sales levels, staffing shortages, and more. The survey was conducted from March 10-11, 2022, with 605 responses collected. “The small … [More]