Homie’s Greater Phoenix, AZ Housing Market Update November 2020

The local Arizona housing market has been hot nearly all year long. As we get closer and closer to the year’s end, will the trends continue? We checked out all the stats for Arizona’s market during November. Check out what we found out!

Monthly Sales

According to data from the ARMLS ® from November 1, 2020 to November 30, 2020, monthly sales in the Phoenix metro area rose significantly from where they were at this same time last year. With a +27.4% year-over-year increase, sales landed at 8,886 for the month.

While this number is a slight drop from the previous month of October, the -8.3% month-to-month decrease in sales is in line with the typical slow down in the market as the year starts wrapping up.

Monthly sales graph

Data retrieved from ARMLS®.

List Price

At $453.9K, November saw a +6.4% year-over-year increase in average list price. Median prices also rose. With a +10.0% increase from November 2019, the median list price in November was $330K.

List Price Graph

Data retrieved from ARMLS®.

Sale Price

Average sale prices increased by +18.0% between November 2019 and November 2020, landing at $418.7K. With a slightly smaller jump, median sale prices still rose significantly with +16.8% year-over-year increase. The November median sale price was $331.0K.

As forecasts predicted, these numbers are slightly lower than sale prices in October of this year. The average sale price was -1.5% lower than that of October and the median sale price was -1% lower. For next month, the average sale price is projected to increase, while the median sale price is expected to have another small decrease. Check back next month to see how these forecasts turn out.

Sales Price Graph

Data retrieved from ARMLS®.

Days on Market (DOM)

While many metrics in the market slowed down this November compared to the previous month, the Average Cumulative Days on Market did not. This number continues to steadily drop, showing homes are being sold more and more quickly. Landing at 41, the Average DOM saw a 2-day decrease from October of this year and a 17-day decrease from November of last year.

Graph of Average Days on Market

Data retrieved from ARMLS®.

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A Message From Sales and Operations Manager, Wayne Graham

Going into December, inventory is 28.2% lower than it was a year ago. In fact, some areas are experiencing record low levels of inventory. However, In contrast to the record low levels of inventory, we’re seeing record-high levels of sales. Demand increased by 27.4% between November 2019 and November 2020. Low supply and high demand are one of the surest guarantees of rising sales prices.

But even though prices are rising, according to the National Association of Realtors Housing Affordability Index it is still very affordable to buy a home in Phoenix compared to historical market trends. This is still possible because of extremely low-interest rates. So overall, home affordability is still in a good historical place in the Phoenix area.

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The post Homie’s Greater Phoenix, AZ Housing Market Update November 2020 appeared first on Homie Blog.

Source: homie.com

States With the Worst Drivers – 2016 Edition

States With the Worst Drivers

It is common occurrence on American highways for near-accidents to occur. It is also a common occurrence on American highways for people in near-accidents, to look at the license plate of the near-accident-causer and think to themselves, “Oh, well of course they’re from Massachusetts.” Or some other state. It seems like almost every state has a reputation for having terrible drivers. Thanks to data from the National Highway Traffic Safety Administration we can confirm some of those myths and dispel others.

Looking to move? Check out mortgage rates in your new area here.

According to the National Highway Traffic Safety Administration around 32,000 people were killed in vehicle-related incidents in 2014. Of course some incidents are genuinely accidents, while some are clearly the fault of one driver, like in the event of drunk driving. But deaths and DUIs are not the only metrics to measure bad driving, people who receive speeding tickets or do not have automobile insurance can also be considered negligent drivers.

To find the states with the worst drivers SmartAsset looked at number of drivers, DUI arrests, people killed, google trends in speeding tickets and percentage of people who have auto insurance. To find out how we put all these numbers together to create our index please read the full methodology below.

Key Findings

No Massachusetts. Boston drivers usually have a reputation as bad drivers but the numbers we analyzed don’t bear that out. Massachusetts ranks 48 on our list. While we have no data on non-fatal accidents, the fact that they lead the nation in insured rate is a positive sign.

Be careful when driving in the southeast. Maybe it’s the heat causing road rage, but four out of the top ten states in our study are located in the southeast.

States with the Worst Drivers

1. Florida

Florida is often plagued with a reputation for bad drivers. The numbers seem to show that this might, in fact, be true. Floridians google “speeding tickets” and “traffic tickets” more than any other state. They also have the second lowest number of insured drivers in the nation.

2. Mississippi

Another southern state and another state in which one ought to be extra careful when driving through. Mississippi had the 5th highest deaths resulting from vehicular incidents. One area where Mississippi can improve is in DUIs. Mississippi had the 12th highest rate of DUI arrests per driver in the country. Like Florida relatively few people are insured. They rank 3rd worst in that category with only 77% insured.

Buying car insurance? Avoid these 6 mistakes.

3. Oklahoma

Continuing on the theme of states with low insured driver rates, Oklahoma has the least. Only 74% of drivers in Oklahoma are insured. It does not get much better for the state in the other categories we looked at. They have one of the 15 worst scores in DUIs per thousand drivers (7.74), number of people killed per thousand drivers in vehicular incidents (.21) and rate of googling parking and traffic tickets (52.13).

4. New Jersey

The Garden State has the infamy of being the state with the second most deaths per driver at 0.62. New Jersey drivers are more likely to be insured than some of the other states on our list. New Jersey drivers are insured at a rate of almost 90%, coming in 22nd on our list.

5. Delaware

New Jerseys neighbor and rival for worst drivers in the northeast, Delaware is unfortunately the only state with more deaths per driver than New Jersey. One curious statistic is that while Delaware has the lowest DUI rate per driver, 40% of deaths occurred when the driver was above the legal limit for drinking, which is the 4th highest rate in the country.

6. Alabama

Another southern state and a similar story to the others with pretty bad scores all around. One bright spot – Alabama has the 4th best score with only 1.42 DUI arrests per thousand drivers. Like Delaware, though, that statistic does not tell the whole story, 33% of deaths in Alabama resulted from a driver being over the legal alcohol limit.

7. Vermont

Vermont leads the nation in DUIs per driver with 50 per thousand drivers. However, they also have the lowest percentage of deaths resulting from drunk driving, at 20%.

8. Tennessee

Tennessee is one of the least insured states in the country, with 20% of people not having car insurance. Tennessee also has the 18th highest number of deaths per thousand drivers. One positive is that they are in the better half of the country for DUI per thousand drivers at 5.7.

9. Texas

Tragically for Texas it has the highest percentage of deaths coming from drunk drivers at 40% and yet it is in the better half of states for DUI arrests. Recent news that Uber and Lyft will both be leaving Austin may have an impact. According to MyStatesman, Austin only has permits for 756 legal taxis and is hoping to increase that to 1,161. But for a tech hot-spot with a population of 850,000 even this may not be enough.

10. Nevada

Nevada is the 3rd worst state for traffic and speeding tickets (when comparing googling trends) as well as being the 17th worst state for DUIs. The good news is that 88% of Nevada drivers are insured.

States with the Worst Drivers

Data and Methodology

In order to find out which state had the worst drivers SmartAsset collected data across 4 metrics.

Percentage insured. Data is taken from the Insurance Research Council.

DUI per thousand drivers. Number of drivers is taken from the Federal Highway Administration. Number of DUIs is taken from the State Justice Department.

Deaths per thousand drivers. Data is taken from the Fatality Analysis Reporting System, which is part of the National Highway Traffic Safety Administration.

Google trends on driving tickets. This data is the average of the scores each state got in google trends for the 8 phrases: speeding ticket, “speeding ticket,” speeding tickets, “speeding tickets,” traffic ticket, “traffic ticket,” traffic tickets and “traffic tickets.”

We then indexed each factor for every state giving equal weighting and then finding the average score per state to create the final index.

Questions about our study? Contact us at blog@smartasset.com.

Photo credit: Â©iStock.com/Ben Harding

The post States With the Worst Drivers – 2016 Edition appeared first on SmartAsset Blog.

Source: smartasset.com

Amazon Pledging More Than $2 Billion for Affordable Housing in Three Hub Cities

wsj-amazon-affordable-housing-main-jan6MITCH PITTMAN/AMAZON

Amazon.com Inc. said it would commit more than $2 billion to create and preserve affordable housing in three of its employment hubs, the latest tech giant to make a large investment in easing the U.S. housing shortage.

Amazon said it intends to invest in affordable housing over the next five years in three regions where it is a major employer: Seattle, Arlington, Va., and Nashville, Tenn.

The online giant has more than 75,000 workers in the Seattle area, its main headquarters. Amazon has more than 1,000 employees each in Arlington, across the Potomac from Washington, D.C., where it is establishing a second headquarters, and in Nashville, where the company is building an operations center. It plans to have at least 5,000 employees in each region within five years.

The bulk of its investment will be through low-cost loans to preserve or build affordable housing, Amazon said. The company also will offer grants to public agencies and minority-led housing organizations.

“We don’t have control over how the [housing] markets respond to a large employer coming into the market or expanding in the market, but we can play a role in how Amazon’s growth is impacting our local communities,” said Catherine Buell, head of community development for one of Amazon’s philanthropic arms. “Particularly as we’re expanding our corporate presence, we’re working to get ahead of the issue as much as we can.”

wsj-amazon-affordable-housing-inline1-jan6
Catherine Buell, head of community development for one of Amazon’s philanthropic arms, and Kimberly Driggins, executive director of the Washington Housing Conservancy, near Amazon’s second headquarters just outside D.C.

JOEL FLORA/AMAZON

A slew of large tech companies in 2019 committed to investing in affordable housing, particularly in the San Francisco Bay Area. Job growth has outpaced new housing supply in many large cities, especially on the West Coast.

Alphabet Inc.’s Google has committed $1 billion toward Bay Area housing, and Apple Inc. pledged $2.5 billion for housing throughout California. Redmond, Wash.-based Microsoft Corp. has committed $750 million toward affordable housing in the Seattle area.

Facebook Inc. also pledged $1 billion toward affordable housing in and around Silicon Valley, one of the most expensive areas in the country. The social media giant said last month it would spend $150 million on homes for the lowest-income residents of five Bay Area counties. This funding would support the development of at least 2,000 units.

For some of the world’s largest tech companies, which regularly generate tens of billions of dollars or more in revenue annually, these phased-in housing commitments aren’t expected to have a big impact on their bottom lines. Amazon doesn’t expect to make money from these housing investments and there is no special tax treatment for them, according to a person familiar with the program.

The housing efforts also come as Facebook, Alphabet and other big tech companies are facing scrutiny in Washington and from state attorneys general over their business practices.

Many housing advocates have welcomed these contributions, saying large employers like tech companies have played a role in driving up home prices by attracting well-paid workers who can pay more for housing than longtime residents.

But advocates also say these investments aren’t expected to solve the housing shortages for lower and even middle-income earners in these expensive metro areas. Solving the country’s affordable-housing crisis would require policy changes and government spending, not just private-sector investments, said Chris Herbert, managing director of the Harvard Joint Center for Housing Studies.

“It’s going to take a much larger investment of resources to address the problem at a scale that’s needed,” he said.

The Covid-19 pandemic has disproportionately affected renters, and housing advocates have warned that millions of renters could face eviction this year.

wsj-amazon-affordable-home-inline2-jan6
Amazon helped Washington Housing Conservancy acquire a multifamily property in Arlington, Va.

JOEL FLORA/AMAZON

Amazon said it plans to create or preserve more than 20,000 units affordable to households making between 30% and 80% of each area’s median income. It expects about half of those units to come from preservation or from converting market-rate rentals into affordable housing, Ms. Buell said.

The company has so far spent about $380 million in loans and grants to help the Washington Housing Conservancy acquire a multifamily property in Arlington near Amazon’s planned second corporate headquarters. Real-estate investment trust JBG Smith Properties also invested in the project.

“This is the housing stock that is most at risk of being lost to private development,” said Kimberly Driggins, executive director of the Washington Housing Conservancy. “This building would typically have gone to a private developer to…continue to escalate rents.”

Amazon also committed about $185 million in loans and grants to help the King County Housing Authority preserve about 1,000 apartment units in the Seattle area.

Before the latest commitment, Amazon’s biggest housing-focused investment was $100 million to build and operate a homeless shelter on its Seattle campus for Mary’s Place, a local homeless-services organization. The shelter opened in March.

The post Amazon Pledging More Than $2 Billion for Affordable Housing in Three Hub Cities appeared first on Real Estate News & Insights | realtor.com®.

Source: realtor.com