Valley Luxury Home Market Cooling

By Angela Gonzales | Phoenix Business Journal The buying frenzy in the Valley’s luxury home market appears to have ended. “I don’t feel the market is dead in any way,” said Robert Joffe, co-founder of Launch Real Estate. “There’s just no question it’s a complete slowdown from what it was, but I feel we are …

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Phoenix Metro Seeing a Bump in International Company Relocations

By Audrey Jensen | Phoenix Business Journal As more manufacturers look to bring operations to the U.S., the Phoenix metro is seeing an uptick in interest from international companies considering moving to the Valley, experts say. So far in fiscal year 2023, the Greater Phoenix Economic Council said it is working with about 61 international …

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NAR Moves To Dismiss Arizona REALTORS® Antitrust Suit

By Charlie Innis | Law360 The National Association of REALTORS® (NAR) and other realty groups urged an Arizona federal judge to put an end to a real estate agent’s antitrust and other claims, arguing that the broker continues to violate pleading standards in his latest complaint and still lacks facts to back his allegations. NAR, …

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ON Semiconductor Relocating Its HQ to Scottsdale Office Space

By Ron Davis | Phoenix Business Journal Phoenix-based Onsemi has leased about 175,000 square feet of office space in Scottsdale, with plans to sell its existing Phoenix campus. The company will be relocating its corporate headquarters to the McKesson office development on Pima Road, the semiconductor supplier confirmed. A timeline for move-in is “as soon …

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Metro Phoenix Median Home Price Poised to Fall by $25K for July 2022

By Catherine Reagor | Arizona Republic Metro Phoenix’s overly hot housing market cooled quickly in June, and prices are expected to drop in July. Rising interest rates, stock market swings, a jump in supply of houses for sale and slower sales all hit the market this summer. As a result, the Phoenix-area median home price …

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Converting Commercial Buildings Into More Phoenix Housing

By Audrey Jensen | Phoenix Business Journal WeBuild Res plans to redevelop old office buildings into a multifamily complex near 31st and Northern avenues in Phoenix. Developers are planning to convert defunct commercial buildings into apartments to bring more residences to the city of Phoenix, which is facing a major housing shortage. Phoenix-based WeBuild Res …

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Valley Homebuilders See Surge in Homebuyers Backing Out

By Angela Gonzales | Phoenix Business Journal Homebuilders in metro Phoenix face an alarming surge in contract cancellations at a time when economists are pointing to another recession. Through the middle of July, the cancellation rate was in the 30% range, up from 8-10% in 2020 and 2021, and up from 15% in 2018 and …

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Phoenix Drops Another Rung in National Home Price NSA Index

By Angela Gonzales | Phoenix Business Journal Falling steadily, Phoenix didn’t even make the top three metros in home price growth in May, according to the latest S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index released on July 26. Phoenix had led the nation in home price growth for nearly three years until earlier …

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We Need to Keep Building Houses, Even if No One Wants to Buy

By Conor Dougherty and Ben Casselman | The New York Times The United States has a deep, decades-old housing shortage. Also, at the moment, homebuilders across the country are pulling back on development because they can’t sell enough homes. How can both of these things be true? That riddle is at the heart of the …

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