Employment Market in Arizona tops Nevada! New Home deals now or - when?
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As many as 40 percent of the contracts on all new homes in the Valley during 2005 and early this year have fallen through. That translates to 25,000 spec homes, according to a new survey from housing analyst RL Brown. Many new home deals fell apart because buyers couldn't sell existing homes, but there also were many investors who pulled out of new-home deals after seeing they couldn't flip the homes for hefty profits. Now builders are offering huge incentives to get the inventory sold. So if you looking for the best deal on a new home, it might be now. Housing analysts also say supply and demand in the resale market has to get back in sync before the home building market will rebound.
The Phoenix Business Journal, reports that Arizona knocked Nevada out of the top spot in job growth for October with a gain of 4.7 percent, or 121,200 jobs, since October of 2005. Among metropolitan markets with a work force of more than 1 million, the Phoenix area retained the top position in nonagricultural employment for October 2006 over October 2005, with a 5.2 percent gain, representing 94,500 jobs. Overall, the US economy grew by 1.92 million nonagricultural jobs from October 2005 to October 2006-- a 1.4 percent increase.
As of this morning, we had 44,995 active listings - down almost three thousand since September 29. Could that mean things are shifting back? Check back and see!
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