Market Updates

June 15, 2022

Another sign of cooling housing market: Majority of Valley municipalities issued fewer homebuilder permits

Source: Phoenix Business Journal | Angela Gonzales

More than 60% of the municipalities tracked by the Home Builders Association of Arizona have issued fewer single-family homebuilder permits this year through April than the same period last year — another sign the Valley's housing market is cooling.

Overall, the 21 municipalities ...

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Posted in Market Updates
June 14, 2022

Are home prices about to fall?

Source: Housing Wire | Logan Mohtashami

We are at the point of the economic cycle where I really just get two questions: Are we going into recession and are home prices about to fall? I am going to do my best to try to make sense of what is happening with ...

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Posted in Market Updates
June 14, 2022

Report: US mortgage lending activity drops at fastest rate in 8 years amid rising interest rates

Source: Phoenix Business Journal | Ashley Fahey

U.S. mortgage lending activity continued its descent in the first quarter of 2022.

More specifically, the 2.71 million mortgages secured by residential property that originated in Q1 was a 18% decrease from Q4 2021, the largest quarterly decrease since 2017, and down ...

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Posted in Market Updates
May 28, 2022

Here are the wealthiest ZIP codes in the Phoenix metro

RANK
ZIP CODE

CITY

POPULATION
2020 MEDIAN HOUSEHOLD INCOME
2020 PER CAPITA INCOME
% OF HOUSEHOLDS, $200K+ (2020)
MEDIAN VALUE OF OWNER-OCCUPIED HOMES (2020)
HIGHEST DEGREE: % OF POPULATION AGE 25+ WITH BACHELOR'S DEGREE (2020)
HIGHEST DEGREE: % OF POPULATION AGE 25+ WITH GRADUATE, PROFESSIONAL OR DOCTORATE DEGREE (2020)
1
85253
Paradise ...
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Posted in Market Updates
May 18, 2022

Almost 45% of homeowners are now equity rich

Source: HousingWire | Connie Kim

Soaring home prices continue to serve existing homeowners, with nearly 45% of all property owners now considered equity rich, a year-over-year jump that boosted 13% more homeowners into the prime position.

A homeowner is considered equity rich when they have at least 50% equity in their ...

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Posted in Market Updates
May 17, 2022

Is the homebuyer market cooling in Phoenix? Experts chime in

Source: Phoenix Business Journal | Angela Gonzales

Homebuyers are seeing a dramatic drop in purchasing power as a result of rising mortgage interest rates surpassing 5% — but for now homebuilders still can't keep up with demand.

In his recent quarterly housing update for homebuilders and clients, Steven Hensley, senior ...

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Posted in Market Updates
May 12, 2022

The Tide May Be Turning - 3 Big Takeaways for Agents From Zillow's Latest Market Report

Source: Zillow Premier Agent

On the heels of the latest Zillow market report, which showed rising inventory and cooling rents, we spoke with Senior Economist Jeff Tucker for three timely market insights agents need this spring.

1. Inventory rose substantially in March, a welcome return to seasonal norms as interest ...

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Posted in Market Updates
May 12, 2022

US housing market starts to shift from pandemic frenzy but not evenly across markets

Source: Phoenix Business Journal | Ashley Fahey

With mortgage rates rising and home-price appreciation continuing, there may finally be enough forces to slow the pandemic-fueled booming housing market.

One key metric suggests inventory shortages — the most commonly cited challenge in today's housing market — are starting to wane. For ...

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Posted in Market Updates
May 12, 2022

As metro Phoenix home prices rise, so does the number of people forced to rent

Source: Phoenix Business Journal | Sara Edwards

Rents in Maricopa County had been steadily climbing even before the start of the pandemic in March 2020. With home prices now soaring to record levels, more people are being forced to rent houses, condos and apartments, which adds more upward pressure on rents ...

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Posted in Market Updates
May 12, 2022

The 'wow' factor: Realtors say buyers are still lining up in droves to buy a piece of the Valley's wealthiest ZIP codes

Source: Phoenix Business Journal | Angela Gonzales

Demand for luxury homes skyrocketed during the Covid-19 pandemic, leaving few empty lots for homebuilders who want to capitalize on the hot market in the Valley’s wealthiest ZIP code. 

That ZIP code — 85253 — primarily makes up the enclave of Paradise Valley ...

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Posted in Market Updates