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Economist: 2015 won’t be banner year for Arizona housing, good or bad

PHOENIX — A Valley economist said 2015 is not shaping up to be a banner year for the Phoenix-area housing market.

Elliott Pollack with Elliott D. Pollack and Company said he doesn’t expect home prices to make big gains, but he also doesn’t expect to see prices take big tumbles.

“It’s going to be fairly stable,” he said. “I would be surprised to see much movement in either direction.”

Pollack said Valley residents will not see home prices skyrocket until more people start moving here from other states.

“It’s not happening because people don’t have enough equity to move. We’re not creating enough jobs here and the unemployment rate is too high to create that we have to fill these jobs from the outside mentality.”

Pollack estimated little improvement next year in the home construction industry, which has never fully recovered from the housing bubble and recession.

He does see hope in the apartment industry.