Exports from Arizona companies climbed by over 20% in 2021, reaching near record levels set prior to the pandemic and signaling renewed strength in Arizona’s economy. Exports reached $24.1 billion last year, an increase from $19.8 billion in 2020 and just under the $24.6 billion mark set in 2019. Semiconductor exports saw a 50.5% rise, reaching $4.2 billion, the 4th highest in … [More]

Home prices hit $405,000 for the first time ever in March, but data reveals there is some hope on the horizon for pandemic-era buyers. With demand beginning to moderate as some home shoppers are priced out of the market and new construction at near 16-year highs, inventory is expected to hit positive territory year-over-year this summer, according to the Realtor.com® Monthly … [More]

​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​​ 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]