Metropolitan Phoenix Housing Market at a Glance

Job growth has muddled along nationwide. Housing has been even slower. But there are bright spots and Arizona is in the mix. Below are two different graphics, one on job creation and the other on the healthiest housing markets. I will be sending a specific Metro Phoenix housing narrative in the next week or two, but for now take a look at this:

–Top job growth—Florida with 4 of the top 5 markets (Texas has dropped off with the oil slump). Here is an update on the Arizona job recovery:

    Arizona employment recovery struggle

  • Peak employment – October 2007 – 2,686,300 employed
  • Lowest employment – September 2010 – 2,372,800 employed
  • Current employment – September 2015 – 2,633,200 employed

    Source: Arizona Department of Administration

–Metro Phoenix has 8 of the top 50 healthiest housing markets. This is not new housing rather houses under water, days on the market, etc. In terms of new housing, Metro Phoenix is way off historical averages.

All this leads us to one of the key reasons why our rebound out of the Great Recession has been so slow. We normally see job growth and housing markets at the top of the charts (not 8th). This recovery has happened without much benefit from the homebuilders.

If you want to talk about who is fueling this recovery cycle, give me a call.

Thanks,

Craig
602.954.3762
ccoppola@leearizona.com

P.S. Last week, my partner, Andrew Cheney, sent out some pictures from his Tour of Mont Blanc hike he did this past summer. He sent them out to just a few local clients and friends, however, he got such good feedback I thought I would include them along with this week’s narrative. Enjoy.   

Pages from Mont Blanc July 2015 Slideshow-emailClick here for photos


Graphic: The 10 Best And Worst Cities For Job Growth

By: Kurt Badenhausen
Forbes_logo.svg 2
JUL 29, 2015

Housing Market_Job Growth (2) 2

For the full article, please click here.

8 Phoenix-area cities hit top 50 healthiest US housing markets

PHXBIZJOU
By: Eric Jay Toll
August 25, 2015

Phx Housing Mrkt_PHX BIZ JOU

WALLETHUB

Valley cities scored in the top 50 among healthiest U.S. housing markets.

Eight Arizona cities are rising in the ranks of healthiest housing markets in the U.S., according to a WalletHub study. They all landed in the top 50 healthiest U.S. housing markets for comparably sized cities based on population.

Gilbert, a midsize city, ranked the highest of the Arizona cities at No. 11. Chandler was next at No. 22 and Tempe ranked No. 28 in the midsize cities. Among large U.S. cities Mesa ranked No. 40 and Phoenix was No. 46.

The website consolidated rankings in 14 criteria, including pricing, percent of homes still under water, days on market, affordability, and other measures to determine the healthiest markets in the U.S.

Texas topped the healthiest markets list with No. 1 positions for Austin (large), Plano (midsize) and Frisco (small).

Other Western markets ranked high as well. Seattle (No. 2, large) and Denver (No. 3, large) ranked higher than all Arizona cities. Salt Lake City (No. 21, midsize), trailed Gilbert, but was just one ranking ahead of Chandler.

Rank of Arizona cities among healthiest U.S. residential real estate markets

  • 11 Midsize – Gilbert
  • 22 Midsize – Chandler
  • 28 Midsize – Tempe
  • 35 Midsize – Peoria
  • 36 Midsize – Scottsdale
  • 40 Large – Mesa
  • 46 Large – Phoenix
  • 49 Large – Tucson
  • 55 Midsize – Glendale
  • 88 Small – Surprise
  • 123 Small – Yuma

Source: WalletHub