Arizona Real Estate Notebook

For Greater Phoenix, job gains were 43,200. That equates to gains of 1.8% for October, 2011 vs. October, 2010… While these gains are modest and weak… at least employment is growing.

In housing news, R. L. Brown reports that 543 permits were recorded in October compared to 485 in October, 2010. Year to date, there have been 5,817 permits for 2011 compared to 6,119 permits for the same period in 2010. Median new home prices were $218,504 in October while median resale prices were $110,000. According to the Cromford Report, the average number of listings on MLS is 27,354 homes so far in November compared to 45,836 listings in November, 2010.

As the median home price increases next year as I expect, that’s gotta help the home builders a bit.

The greed and stupidity of Arizona home builders, however, was a MAJOR factor in the huge size of the real estate boom and bust in Arizona so no love lost for the home builders here. But when Arizona home builders succeed, that means more employment in the Valley of the Sun which is good so I’m kinda routing for those jerks.