News Summary
The W. P. Carey School of Business at ASU is introducing a new undergraduate degree in real estate and applied finance, commencing in fall 2025. This program aims to equip students with vital skills for leadership roles in the real estate sector, focusing on financial analysis and strategic decision-making. Given the current shifts in Arizona’s real estate market, the program is poised to prepare graduates for the evolving challenges and opportunities in the industry, particularly as rental scams and high interest rates impact potential buyers.
Tempe, Arizona – The W. P. Carey School of Business at Arizona State University (ASU) has announced the launch of a new undergraduate degree program in real estate and applied finance, set to begin in the fall of 2025. This initiative is part of the W. P. Carey Foundation’s ongoing commitment to enhance real estate education on the ASU campus.
The new program aims to equip students with essential skills for leadership roles within the real estate sector by concentrating on financial analytical skills and strategic decision-making. Professor Mark Stapp, a key figure in the program’s development, highlights that the study of real estate extends beyond the physical properties involved; it plays a crucial role in the development of sustainable and resilient communities.
As the largest global asset class, real estate is vital to community development, according to Ohad Kadan, Dean of the W. P. Carey School. He noted that this new degree is an investment in future professionals who will navigate and impact the evolving landscape of real estate and finance.
Students interested in pursuing the new degree in real estate and applied finance can begin applying online. The program is designed to provide a comprehensive education in real estate, encompassing various aspects like investment strategies, market analysis, and community development.
Arizona’s real estate market is currently experiencing significant changes, which may present both challenges and opportunities for prospective students. Recent trends indicate a notable cooldown in the housing market, with home prices decreasing and inventory levels rising. It was reported that the average home value in Arizona saw a year-over-year decline of 2.6% as of April, indicating a shift toward a buyer’s market. Open houses and home showings have also decreased substantially compared to previous years.
The real estate market’s challenges have been compounded by high interest rates, which are causing many potential buyers to hesitate and stay on the sidelines. This has resulted in an increase in available housing inventory and rental options. However, this higher inventory level has also led to a rise in rental scams, which authorities, including Attorney General Kris Mayes, have cautioned against.
In terms of market statistics, the average duration that homes remain on the market is approximately 52 days, consistent with the timeline from the previous year. The broader Phoenix area currently has just over 30,000 homes listed for sale, representing the highest inventory levels recorded in nearly a decade. Meanwhile, new construction permits for single-family homes have dropped by 15% compared to the previous year, reflecting a broader trend of caution among builders and developers in light of the current economic conditions.
Many property owners, particularly international investors, are also reconsidering their investments in U.S. real estate due to uncertainties regarding the economic outlook. As these dynamics shift within the Arizona real estate market, the W. P. Carey School’s real estate and applied finance program seeks to prepare students to meet the evolving demands and challenges of the industry.
With these market changes, the launch of this undergraduate program arrives at a pivotal time, potentially allowing new graduates to make significant contributions to the field. As they gain knowledge and skills in real estate and finance, they will be better positioned to adapt to market fluctuations and provide innovative solutions to contemporary real estate challenges.
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Additional Resources
- Fox 10 Phoenix: Arizona Real Estate Market Cools
- Wikipedia: Real Estate
- Housing Wire: Top Arizona Real Estate Team
- Google Search: Arizona Real Estate Market
- KTAR: Real Estate Experts in Arizona
- Encyclopedia Britannica: Housing
- 12 News: Arizona Housing Market Inventory
- Google News: Arizona Housing
