Metro Phoenix projected as hottest real estate market of 2017
PHOENIX — One real estate website is forecasting the Phoenix area to be the top housing market in the country next year.
Realtor.com ranked the top 100 real estate markets for 2017, placing Phoenix at No. 1, ahead of markets such as Los Angeles, Boston and Sacramento.
Phoenix is projected to have 7.24 percent sales growth and 5.94 percent price growth in next year’s market.
“There are more people coming to the [Phoenix] market,” said Jonathan Smoke, chief economist at the website.
“More importantly, you’re seeing the employment growth that’s exceeding what’s happening in the U.S. overall.”
Smoke said that growth is producing the necessary jobs and incomes to fuel the housing market.
“When you combine that with the affordability that exists in Phoenix, especially compared to other western markets, it presents an opportunity for sales for people of all ages,” Smoke said.
“That’s the fundamental reason why Phoenix is so strong.”
Smoke added that the median list price for a home in Phoenix is just about $300,000.
That’s lower than the $675,000 median price in Los Angeles and the $480,000 median price in Boston.
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