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.
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 has been with Lawyers Title of Arizona since 2004. As an award-winning sales executive, Sarah’s role is to bring transactions to Lawyers Title. To do this, she focuses on supporting her clients and helping them navigate the ever-changing real estate space through thorough research and understanding of current trends impacting today’s home buyers and sellers.