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Commercial Real Estate & Business News August 13, 2018

Arizona’s gross domestic product grew by 2.5 percent in the first quarter of 2018, driven by increases in real estate and retail trade, according to a report from the Bureau of Economic Analysis. The BEA report, released last month, said finance and insurance, health care, and durable goods manufacturing in Arizona all performed well in the quarter, while administrative and government services declined…»
An increasing share of American millennials are living with mom and dad instead of starting their own homes, even as the economy has recovered since the great recession, according to a new analysis of federal data by the National Association of Home Builders. Access to home-cooked meals and family photo ops are probably not the main drivers for 25- to 34-year-olds staying in the nest…»
The average sale price of a single-family home in the West Valley is $265,000 and the average household income is about $65,000 per year. What does this have to do with targeting unique dining and shopping experiences? Two words: consumer power. Last year’s comprehensive and prolific workforce development study by WESTMARC illuminated clear and concise clues…»
Arizona ranked No. 6 among states with the least student debt, according to a WalletHub report this week on 2018’s states with the most and least student debt. Faring better than Arizona were Utah, which has the least student debt, followed by Hawaii, Wyoming, California and Washington. Here’s how Arizona ranked in key metrics used to determine overall state rankings…»
Residential property prices in the United States reached a new record high in the second quarter of 2018, up 5.3% to $255,400, the latest index figures show. Staggeringly low inventory levels in much of the country are responsible for the robust level of price growth, according to the index report from the National Association of Realtors (NAR)…»