The news continues to be better in Greater Phoenix. The local unemployment rate was 6.9% in October and total nonfarm jobs were up 2.4% year to date. Over that period, all sectors, but “Other Services” showed gains. In the absence of a ride over the fiscal cliff, Arizona and Greater Phoenix should continue to enjoy growth that, while slow by the standards of past recoveries,is relatively strong compared to most other major metro areas. Year to date, Greater Phoenix ranks 3rd out of 25 major employment markets in the U. S.in percentage employment growth. The region was ranked dead last just two years ago. Quite a turnaround.
Phoenix Real Estate Market
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"I think the median Phoenix home price could quickly pop up to $144,000+ again. If not in the second half of this year, then certainly in the first half of 2012."Metro Phoenix median home price rose from $116,050 in August 2011 when the post was written to $153,500 in May 2012.
- John Wake, Arizona Real Estate Notebook, August 11, 2011
See full post - Phoenix foreclosures as percentage of homes sold continues to decline.