NRF: Retail sales grow in April
Retail sales rose slightly for the seventh consecutive month in April despite rising gas prices and stubborn inflation. Core retail sales (excluding restaurants, auto dealers and gas stations) inched up up 0.34% month over month in April and were up 5.53% year over year, according to the CNBC/NRF Retail Monitor, released by the National Retail Federation. That compared with increases of 0.41% month over month and 7.05% year over year in March. Sales rose month over over month in…»
How Silicon Desert is powering Phoenix industrial surge
Greater Phoenix’s industrial sector has reigned as the king of commercial real estate throughout the first half of this decade. The region’s rising reputation as the epicenter of U.S. manufacturing’s revival has brought the Valley global attention, with companies of all sizes considering whether to join the growing ecosystem. As the “Silicon Desert” continues to establish itself, the industrial market has responded to the surge of both supply and demand across multiple product types — but it…»
Downtown Phoenix eyed for thousands of housing units, hotel conversion
Thousands of apartment units are under construction or in the planning process in downtown Phoenix, but city officials said there is continued demand for residential development in the city’s core. Since 2015, more than 10,600 apartment units have opened in downtown Phoenix, Xandon Keating, deputy director of community and economic development for the city, said at a meeting of the Economic Development and Arts subcommittee on May 14. About 1,800 units are under…»
One Scottsdale moves closer to adding hundreds of condos as commercial space shrinks
Hundreds of luxury condominiums are closer to being built within a $1 billion mixed-use community in north Scottsdale. The Scottsdale Planning Commission on May 13 unanimously recommended that City Council approve the removal of 1.3 million square feet of commercial space to make way for 350 for-sale units within the 126-acre One Scottsdale development. A date for the upcoming Council meeting was not discussed May 13. The ownership group for the land requested to make…»
Pending Home Sales Jump 10% From a Year Ago to Highest Level Since 2022
Sale prices are rising as homebuying demand strengthens. U.S. pending homes sales jumped 9.6% year over year to their highest level since September 2022, on a seasonally adjusted basis. Pending sales are rising in every major U.S. metro except three (Houston, Detroit and Seattle). Mortgage-purchase applications are up 4% week over week. Strengthening demand is pushing up prices. The median home-sale price rose 2.2% year over year during the four weeks ending May 10, the…»
