Economic News
No Crash Predicted for Metro Phoenix
The Phoenix area’s housing market is showing no signs of crashing despite job losses and other economic hits because of COVID-19. Contracts to buy Phoenix-area homes priced above $300K soared over the past week, according to the Cromford Report. (Source: AZCentral)
Sr. Housing Occupancy Hits 15-year Low
Occupancy in senior housing has hit a 15-year low given the threat to older Americans from the pandemic. Since 2008, the number of assisted living facilities and independent living centers have seen unrelenting growth, jumping 33 percent. But COVID-19 has added a new twist for the industry and consumers. Occupancy slid 2.8 percentage points to 84.9 percent in Q2. Operators are increasingly concerned the rise of the virus in some U.S. states will mean more infections in their centers. (Source: Bloomberg/National Real Estate Investor)
COVID Hurting Condo Sales
The pandemic has harshly impacted the condominium market, particularly in high-value, high-density markets around the country. After a pause in the spring, officials in many top condominium markets are now allowing real estate transactions to proceed. The number of cooperative and condominium apartments listed for sale in New York City in mid-July was up 29 percent from the month before and was roughly the same as it was last year, before the crisis, according to UrbanDigs. However, the number of listings in contract to sell was down more than 50 percent compared to the year before. (Source: National Real Estate Investor)
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