Industry Update: the Future of eClosing and RON

Join industry experts for an in-depth discussion on the future of eClosing and how hybrid and RON closings benefit lenders and borrowers.

DOJ v. NAR and the ethics of real estate commissions

Today’s HousingWire Daily features the first-ever episode of Houses in Motion. We discuss the Department of Justice’s recent move to withdraw from a settlement agreement with the NAR.

Hopes for generational investment in housing fade in DC

Despite a Democratic majority, the likelihood of a massive investment in housing via a $3.5 trillion social infrastructure package appears slim these days. HW+ Premium Content

How Biden’s Neighborhood Homes proposal impacts real estate investors

Dubbed the Neighborhood Homes Tax Credit, the proposal is part of the larger American Jobs Plan legislation — also known as Biden’s infrastructure plan. Here's a look into how it impacts real estate investors.

Real Estate

Phoenix homeownership rate surpasses national average for first time in 6 years

City hit hard by housing crisis makes its comeback

Phoenix’s homeownership rate increased to 63.4% in the second quarter, surpassing the national average from the first time since 2010, according to the Second Quarter 2016 Economic and Single-Family Housing Market Outlook Report for Phoenix released by Ten-X, an online real estate transaction marketplace.

Click to Enlarge

Phoen.

(Source: Ten-X, U.S. Census Bureau)

“Phoenix continues its remarkable recovery from the volatility of the housing market boom and bust cycle, where it was one of the hardest hit cities in the country,” Ten-X Executive Vice President Rick Sharga said.

“The city's strong underlying economic fundamentals, high employment, growing wages and increasing population, bode well for continued growth in the housing market,” Sharga said.

Existing home sales in the city increased 12.5% from last year to 123,600 during the second quarter, according to the report. This is a new cyclical peak, and passed up the national average for the first time since early 2015.

While home sales are increasing, available inventory remains tight even after an increase of 7.2% from last year. New home construction remained weak, with both housing starts and permits down on a year-over-year basis, and lagging well below historical levels.

Home price appreciation slowed, but continues to increase in the metro. In the second quarter the median home price in Phoenix increased 8.4% from last year to $222,194.

"Compared to other major metropolitan areas, Phoenix real estate remains relatively affordable, even as prices continue to rise," Sharga said.

Most Popular Articles

The housing market is losing steam

Mortgage applications for new home purchases decreased 3% from May and 23.8% year over year, suggesting buyer fatigue in the housing market.

Jul 20, 2021 By
3d rendering of a row of luxury townhouses along a street

Log In

Forgot Password?

Don't have an account? Please