Good morning friend :)
I hope you're having a good week! I am really looking forward to the weekend... it's not often that I do, but today... yes. I'm ready for it. :) I'm wicked short on time so please forgive the limited connection... I hate it when this happens... however, it was important that I send you a Grateful Friday message before my day got away from me.
I came across three really cool real estate articles that are below. It explains some unique things going on in the market and culture. It's the culture things that I find so juicy.. I hope you find it as interesting as I do :)
Why the Housing Market has Entered an Unprecedented Homebody Era (which effects INVENTORY)
Collectively, the aforementioned market forces contributed to a positive gain of 366,000 potential home sales, but it was not enough to offset the loss of 446,000 potential sales due to the impact of rising tenure. The average tenure length, the amount of time a typical homeowner lives in their home, has increased dramatically in the last year. Since existing homeowners supply the majority of the homes for sale and increasing tenure length indicates homeowners are not selling, the housing market faces an ongoing supply shortage – you can’t buy what’s not for sale.
Before the housing market crash in 2007, the average length of time someone lived in their home was approximately five years. Average tenure length jumped to seven years during the aftermath of the housing market crisis between 2008 and 2016. The most recent data shows that the average length of time someone lives in their home reached 11.3 years in May 2019, a 10 percent increase compared with a year ago.
Rents Moving Higher in the Sun Belt,
from www.multifamilyexecutive.com reports that according to the latest quarterly HotPads® Rent Report, Phoenix has the fastest-rising rents out of the 50 largest metro areas. As the rental market continues to heat up nationwide, rent prices are rising the fastest in sun belt cities, according to the latest quarterly HotPads® Rent Report. Of the 10 fastest-rising rental markets in the United States, only one – Salt Lake City – is not in the sun belt. Phoenix has the fastest-rising rents out of the 50 largest metro areas, followed closely by Las Vegas.The median rent in Phoenix is $1,545 a month, up 6.9% compared to this time last year. The median rent in Las Vegas is $1,465 a month, up 6.8% from a year ago. After Phoenix and Las Vegas, the fastest rising rents are in Sacramento, Atlanta, Riverside, and Orlando, where rent prices are rising more than 5% annually.
Arizona is a national leader in personal income growth,
from www.azbigmedia.com, reports that Arizona ranked second in the nation for personal income growth during the first quarter of 2019, according to new data released by the U.S. Bureau of Economic Analysis. Arizona had the second-fastest personal income growth from Q4 2018 to Q1 2019. Arizona’s annualized growth rate of 5.5 percent beat out the national rate of 3.4 percent. Arizona also had a faster growth rate than every neighboring state, in addition to states such as Texas, Florida, and California. “Arizona’s booming economy is delivering larger paychecks for our citizens,” said Gov. Doug Ducey. “With personal income growth outpacing the national average, Arizonans have more money in their pockets to provide for their families. Arizona continues to lead the nation for economic growth, ranking fourth in the U.S. for GDP growth last year. Since 2015, Arizona has added more than 300,000 private sector jobs. Arizona also ranks third in the country for economic momentum, fourth for population growth and fifth for personal income growth in 2018.
It's been a while since I've seen such interesting kind of data like this so I felt it important to share it with you. :) If you have any questions or want more information, Chas and I are just a call away. :)
Have a wonderful weekend and a grateful Friday.