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STAT, Millennial's and Economic Data

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Blog by Doug Ingersoll | October 19th, 2015

The new issue of STAT is out from the fine folks at Arizona regional Multiple Listing Service. It does not get any better than this in terms of data on our local real estate scene. Takeaway from this month is to price aggressively and get it under contract quickly. 

Neighbor Sam sent me this article from the Washington Post: "Millenials' top competition for condos might be their parents". Just as the title says, mom and dad are retiring and downsizing and taking the kind of housing normally associated with young urban hipsters. Ironically, through their naive economic understanding, this group who is larger than the baby boomers has voted into office policymakers that hinder economic expansion - and that is my opinion alone.  
Elliott Pollack sends out the Monday (or Tuesday) Morning Quarterback each week. Here are the Arizona highlights:

Arizona's seasonally adjusted unemployment rate remained unchanged at 6.3% in September compared to 6.6% a year ago. The U.S. seasonally adjusted rate remained unchanged at 5.1% compared to 5.9% a year ago. The unemployment rate is 5.5% in Greater Phoenix and 5.7% in Greater Tucson.

Employment in the state for September was 2.96 million. That's up 2.2% from a year ago. The largest gains continue to be in professional and business services, educational and health services, and leisure and hospitality.  

Employment in Greater Phoenix as of September was 2.05 million (69.2% of the state's total) and was up 2.8% from a year ago. Greater Tucson had about 444,400 jobs as of September (15% of the state's total). That was a gain of 1.8% from a year ago.

R.L. Brown continues to report good news in terms of new housing permits in Greater Phoenix. Brown reports that new home permits were up 52% over the same month last year to 1,391. Year to date, permits for new homes stand at 12,293 vs. 8,541 last year.

According to Berkadia, vacancy rates in the Greater Phoenix apartment market in the 3rd quarter were down to 5.6% from 6.2% a year ago. In Greater Tucson, apartment vacancy rates as of the 3rd quarter remained flat compared to a year ago at 7.9%.