By Shivani Dallas, PC
As the national housing market gradually trends upward, Phoenix Metro home values continue skyrocketing at the fastest rate in the nation. Home prices in the Metro Phoenix markets jumped 20.9% in June when compared with the same time last year. This is fantastic news for home owners who may have been on the fence to sell their homes. A combination of two things has resulted in this home value spike. A shortage of home inventory and low interest rates pushing buyers to act now! Many homeowners haven’t heard or seen the word “Equity” since the Real Estate crash! The recovery is long overdue!
Full recovery from the slump that started back in 2007 won’t be easy but we are definitely headed in the right direction. The city of Phoenix ranked #1 nationally for economic growth in early July 2013. Tucson ranked #2 nationally. These rankings were calculated after assessing the upcoming job growth on the horizon. Phoenix Metro has commitments from several companies to bring more jobs to the Valley of the Sun. Phoenix is now ranked within the top 5 cities in 2013 for new Tech Jobs.
Growing Companies
The following companies have recently reported “New Jobs” coming to the Valley!
Stealth Software to bring 200 jobs to Phoenix area
State Farm Insurance to build their Headquarters in Tempe, expected to bring thousands of new jobs to the Valley
Yodle is expanding in Scottsdale and adding 50 new hires
ZocDoc is planning to hire 600 for their new Scottsdale office
Union Bank is expanding their San Francisco location into Tempe. Arizona location will employ 250
GoDaddy is expanding in Tempe by creating 300 new jobs to the Greater Phoenix region
WinCo Foods plans a massive Phoenix warehouse with 300 new jobs
Far West Capital expands into Phoenix in hopes of funding growing businesses in a variety of industries
Garmin expands into Chandler with 150 new jobs
Terminix picks Glendale’s Westgate for a 300-worker regional center
Nationstar Mortgage hiring as many as 300 in Chandler
General Motors to hire 1,000 High Tech employees for their Chandler Center
USAA to add as many as 1,000 new jobs at their Phoenix Campus
Industry experts are predicting that the job growth will continue to keep inventory levels low in the housing sector in the next few years. Another indicator that supports Arizona’s recovery is the drop in mortgage delinquencies. Arizona’s mortgage delinquency rate has dropped down to a low 4.26%. That’s less than the national average of 4.56%. Unemployment rates are also looking better for the Valley. Maricopa County’s unemployment rate has dropped to 6.1%. This is well below the nation level of 7.6%. Superb news as we rebound!
