Realtor.com: Expect growth in Phoenix housing market
Dec 15, 2014, 8:54 AM | Updated: 8:54 am
PHOENIX — Recent forecasts show a positive year for both the national and local economy. While effects of the 2008 recession can still be seen nationwide, things are trending in the right direction.
Next year in Phoenix, signs of that may be most clearly seen in the housing market, which was hit particularly hard in 2008 and has yet to fully recover, unlike a lot of other metropolitan areas in the country.
Realtor.com recently named Phoenix one of its Top 10 housing markets to watch in 2015, pointing to income growth and continued new construction as factors in the uptick.
Phoenix consistently hammers home market growth through new construction. Because it’s one of the top five markets for new construction, the sprawling desert city continues to see an increase in overall population and household growth.
Household growth is anticipated to increase by 7% over the next five years, according to Smoke.
The site also notes that Phoenix is relatively affordable when compared with other major housing markets.
Other cities included on the list: Atlanta, Dallas, Denver, Des Moines, Houston, Los Angeles, Minneapolis, San Jose and Washington, D.C.
However, the list may be tempered by the opinion of Valley economist Elliot Pollack, who said 2015 will be a middling year for the Phoenix market.
“It’s going to be fairly stable,” he said. “I would be surprised to see much movement in either direction.”
