Market Intel

Intel

Valley Housing Market Shows Signs of Stabilization as Listings Nearly Double in The Last Year

PHOENIX (3TV/CBS 5) — Phoenix’s housing market shows signs of stabilizing amid more supply and higher mortgage rates. There is nearly double the number of active listings compared to last year. According to The Sakala Group, That’s 21,263 today compared to 11,228 at the same time last year. Such an increase is giving more buyers options. And Realtor Shelley Sakala says the mortgage rates also put buyers on pause. Earlier this summer, average mortgage rates

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Intel

Eye on the future: Here’s where homebuilders are building their next communities in the Phoenix metro

Even as the housing market cools, homebuilders are still busy buying land, building homes and opening new communities. While they keep an eye on real estate cycles, they tend to keep a steady course when it comes to buying land, knowing a surge in demand is just around the corner. “The Phoenix housing market is still one of the top markets in the country and will remain so in the near future,” said Jim Daniel,

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Intel

Mortgage Rates Fall to a Four Month Low as Buyers Return to Market

As mortgage rates fall to a four-month low, more buyers are returning to the market, according to a new Redfin report. Despite the increased demand and more sellers dropping prices, home sales have yet to reap the benefits of the market changes.  In July pending sales had the largest decline since May of 2020, according to the report, which also found home sellers reluctant to put their homes on the market. Last month, new listings

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Intel

Out of Reach: As Housing Prices Cool Home Buyers Face Competition From Investors

The Show’s Out of Reach series is tackling the current housing crisis in our community. After watching housing prices go up in the Phoenix area for the last two years, the burning hot market here is finally starting to cool off. The Arizona Republic reports average housing costs here dropped significantly in June and are expected to drop by another $25,000 when July numbers come out. At the same time, a new report from Pew

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Intel

Four Phoenix Suburbs Make List of Nations Highest Rent Communities

Four Phoenix suburbs have some of the highest average rents in the country, according to a recent analysis by Rent.com.  Scottsdale was No. 68 nationally with an average monthly rent of $2,497. The top 100 also included Gilbert at No. 80, Glendale at No. 85 and Goodyear finishing at No. 100. The report noted most of the highest rent cities are on the West Coast or in the South. Forty-one of the top 100 communities

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Intel

6 Tips for Resident Retention

With apartment occupancy at historic highs, leasing units is easier than it has ever been. In some hot markets, units are leasing sight-unseen. While it may be tempting to use this as an opportunity to take a deep breath, it can also be a tremendous opportunity for the entire onsite team to cultivate fresh strategies to encourage retention. There are only a few reasons you might be happy to see someone go. Either they bought

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Intel

Arizona Is No.6 Hottest Market for New Residential Construction

A new study shows Arizona is the No. 6 hottest market for new residential construction despite home affordability in the U.S. falling to the lowest levels ever recorded after plummeting by 29% over the last year. Given the 2008 financial crisis was largely due to a housing bubble, housing metrics are more important than ever as an economic indicator as America tries to avoid a recession. Some states are seeing a greater influx of homeowners than others during the Great Relocation. Boutique

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Intel

Housing Economists: Mortgage-Rate Volatility Likely to Level off Even With Federal Reserve Interest-Rate Hikes

Despite an interest-rate hike of three-quarters of a percent by the Federal Reserve on Wednesday, and additional increases likely still to come, some housing economists aren’t expecting another big surge in mortgage rates now or in the coming months. A recent slowdown observed in the U.S. housing market has largely stemmed from the sudden jump in mortgage rates felt in late spring and early summer, in line with the Fed’s decision to move up interest

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Intel

Despite Pressure on Cap Rates, Multifamily Well Positioned for H2

With apartment rent growth remaining high at the midpoint of 2022 and continued tight market availability, the multifamily sector is well positioned for the second half of 2022, according to a new report from Freddie Mac. However, there are headwinds appearing. “In 2022 we expect every market we cover to experience gross income gains,” the report said. “Florida and the Southwest markets are generally expected to outperform the nation while the smaller markets in the

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Intel

Yardi Matrix Reports Institutional Investment in Single-Family Rentals Is Rising

According to Yardi Matrix’s new bulletin, institutional investment in single-family rental (SFR) homes is on the rise and is expected to grow drastically over the next eight years. For 2021, Yardi Matrix shares that institutional acquisitions of SFRs in communities of 50 or more units skyrocketed to $2.5 billion. Yet, investors are now having to look at the most effective strategies for growing portfolios as interest rates increase. “Rising home and mortgage costs in the

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