Category Archives: Housing Market Intelligence

News or information regarding Arizona housing market.

ARMLS Rent Check™ – November, 2018

For the month of November 2018, all RENT Check indicators continued weakening.

Median Lease: $1,428 – Increased from $1,400 the previous month.
Average Lease: $1,601 – Decreased slightly from $1,619 of the previous month.
Avg. Days on Market: 29 – Increased again from 28 days of the previous month.
Closed Rental: 1,992 – Increased from 1,915 homes the previous month.

Rent Check Quotient™: 3:10 – Rental supplies remains flat as last month.

Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

Thanks to snowbirds, the rental market bounced back slightly after reaching the bottom in October.

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ARMLS Rent Check™ – October, 2018

For the month of October 2018, all RENT Check indicators continued weakening.

Median Lease: $1,400 – Decreased from $1,450 the previous month.
Average Lease: $1,619 – Decreased slightly from $1,635 of the previous month.
Avg. Days on Market: 28 – Increased again from 27 days of the previous month.
Closed Rental: 1,915 – Decreased from 1,991 homes the previous month.

Rent Check Quotient™: 3:10 – Rental supplies remains flat as last month.

Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

Starting September, after the summer peak season, the rental market became slowed down. It continues cooling down in October.

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ARMLS Rent Check™ – September, 2018

For the month of September 2018, all RENT Check indicators started going south.

Median Lease: $1,450 – Decreased from $1,495 the previous month.
Average Lease: $1,636 – Decreased slightly from $1,670 of the previous month.
Avg. Days on Market: 27 – Increased again from 26 days of the previous month.
Closed Rental: 1,991 – Decreased from 2,242 homes the previous month.

Rent Check Quotient™: 3:10 – Rental supplies remains flat as last month.

Rent Check Quotient™ (RCQ™) is the ratio of closed rentals and closed sales.

After the summer peak season, June, July, and August, the rental market starts to cool down. We expect to see weaker Rent Check™ indicators to come.

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Mortgage Interest Rates – Jan 10, 2019

CONVENTIONAL
30 Yr 4.50 to 4.875 APR 5.376
15 Yr 4.00 to 4.25 APR 4.64

JUMBO & ARMS
5 Yr Please Call
7 Yr Please Call

FHA/VA/USDA
30 Yr 4.25 APR 5.375
15 Yr 4.00 APR 5.1

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Mortgage Rates May Go Soft

December’s private payroll saw its biggest monthly increase in nearly 2 years, suggesting sustained strength in the labor market despite ongoing financial market volatility.

Weak performance and volatility in stocks have driven investors to the safety of bonds. As yields fall, mortgage rates are likely to drop along with them.

A dip in consumer confidence shows households may be worried about the economy. If the economy slows, mortgage rates could benefit further.

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South Mountain Freeway Update – Dec 28, 2018

2018 has been an important year with the Loop 202 South Mountain Freeway in its second full year of construction. With the freeway nearly two-thirds completed, signs of progress abound in the 22-mile corridor.

South Loop 202
South Mountain Highway 32nd-st-girders

Asphalt pavement is being installed, concrete medians and artistic sound walls are being built and overhead message boards are above the future travel lanes.

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Arizona’s Growing Population May Gain its 10th Congressional Seat

While Arizona continues population growth, it is likely Arizona representation on Capitol Hill will add one more seat in a couple years.

A study shows Arizona could get a 10th congressional seat as a result of population shifts in the U.S. With the House of Representatives limited to 435 total seats, Arizona’s gain will mean another state’s loss.

Several states in the Northeast and Midwest such as Pennsylvania, Michigan, Illinois, and New York — are projected to lose seats in Congress.

In addition to Arizona, states in the South and West, including Colorado, Oregon, Florida, and North Carolina, are projected to gain seats.

The shift would give a bit more power to Arizona’s delegation on matters ranging from immigration to defense spending, all of which could impact local businesses in a positive way.

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Mortgage Rate – 12/19/2018

CONVENTIONAL
30 Yr 4.625 to 4.875 APR 5.12
15 Yr 4.125 to 4.625 APR 4.89

JUMBO & ARMS
5 Yr Call Me On Rate
7 Yr Call Me On Rate

FHA/VA/USDA
30 Yr 4.375 APR 5.54
15 Yr 4 APR 5.126

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The Metro Apartment Market Update – Dec, 2018

Recent transactions on apartment complexes are —

  • $58 million for the 310-unit Chandler Court in Chandler – $187,199 a unit
  • $32 million for the 186-unit River Ranch in Chandler – $172,050 a unit
  • $59 million for the 341-unit Vista Montana in Gilbert – $173,020 a unit
  • $90 million for the 349-unit Crescent Communities in Phoenix – 257,900 a unit
  • $158 million for the 279-unit The District on Apache in Tempe- $566,300 a unit *

* The District on Apache has 1B/1B, 2B/2B, 3B/3B, and 4B/4B units and it is residential housing @ ASU.

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Mortgage Rates – 12/10/2018

CONVENTIONAL
30 Yr 4.75 to 5 APR 5.38
15 Yr 4.25 to 4.625 APR 4.89

JUMBO & ARMS
5 Yr Call Me On Rate
7 Yr Call Me On Rate

FHA/VA/USDA
30 Yr 4.5 APR 5.635
15 Yr 4.125 APR 5.387

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