Phoenix's population is 4.7M, with a total workforce of 2.0M. The labor market grew by 75,500 jobs over the past year, up by 3.7%. The median household income in Phoenix is $60,290, 3.8% higher than last year and 1.8% below the national average of $61,372. In the housing market, total permits issued totaled 32,026 over the last twelve months, up 8.2% year-over-year.
Phoenix has 541 active new home projects on the market, 6.4% fewer than the 578 from last year. The average list price in the market is $342,539, 4.9% higher than last year and 7.0% above the national average. Over the last three months, new home contracts increased by 1.4% to 4,645. Phoenix and Mesa had the highest concentration of the new home contracts in the Phoenix market.