Every Monday afternoon Amber Kovarik and I talk about what happened this week in our local and national real estate market in 15 minutes or less.
Today’s Takeaways:
The AZ Market:
- Listings under contract are up nearly 20% year over year while active inventory is down 43% year over year. There are roughly 8800 available listings in our market, we should have 25,000 minimum for a market of our size.
- Monthly median sales price increased by over 11% year over year. Supply and demand.
- We have 1.5 months of inventory. Normal used to be 6. Three sounds great.
- Nationally inventory has been dropping since September of 2019.
- Mortgages in forbearance dropped for the 3rd week in a row.
Other Real Estate News:
- After a decade of growth in public transportation use, the car is king again.
- Pop-up drive-in theaters are emerging in mall parking lots and other unused large open commercial spaces.
- State and local legislators across the country working to pass upzoning laws. This would allow multi-family housing structures on land zoned for single-family residences.
- Commercial mortgage-backed security delinquency rates increased to 10.32% in June, nearly hitting an all-time high. The June 2019 delinquency rate was 2.84%.
- According to the Federal Reserve, the results for the Dodd-Frank mandated stress tests required for banks show that the largest American banks could lose as much as $47.6 billion on commercial real estate loans over the next two years.
- According to a study by Apartment List released Wednesday, 32% of Americans did not make a complete July housing payment within the first three days of the month. This number will decrease throughout the month. In June it dropped from 30% to 11% of people who did not make their June housing payment in full.
- Last week the US Supreme Court ruled that the Consumer Financial Protection Bureau (CFPB)’s structure (not the agency itself) is unconstitutional.
- Last week Airbnb announced renters under 25 who have fewer than 3 positive reviews will not be able to book single-family residences near where they live.
- The new Chinese National Security Law cracking down on dissent in Hong Kong is making American real estate investors question their investments.
- Quicken Loans filed for IPO as Rocket Companies.
- The real estate industry received 3% of the total money distributed by the Paycheck Protection Program (PPP)
Sarah Perkins is an award winning account executive and has been in title sales since 2004. As the Director of Industry Research & Senior Account Executive, Sarah’s role is to bring real estate transactions to Navi Title. Sarah supports her clients by helping them navigate the ever-changing real estate space through thorough research and understanding of current trends impacting today’s home buyers and sellers.