Industry Update – DecemberPosted 12/09/2015
It’s hard to believe its been more than seven years since the Great Recession shocked our economy. And, while many are still recovering from its effects, the Valley’s economy has risen above the ashes and continues to improve every day, with the housing market leading the way.
In fact, Phoenix’s housing market is expected to get even healthier in the coming year. KPHO/KTVK recently reported Realtor.com Chief Economist Jonathan Smoke believes Phoenix is going to be among the nation’s more promising housing markets in 2016. Smoke is predicting a 20 percent jump in Valley home sales, and a significant increase in home values as well.
While the national forecast for home appreciation next year is about 3 percent, the Phoenix area should see home values rise around 9.5 percent, according to Smoke.
So, why are expectations so high for the Valley’s housing market? It’s simple. Inventory of re-sale homes is still low, leaving an increasing number of buyers with fewer options, which will ultimately drive up home values. The situation isn’t expected to change anytime soon, Valley real estate expert Susan Nicholson told KPHO/KTVK.
For those who are wary of another housing bubble, promising data shows owner-occupant buyers are fueling much of this growth, signaling sustainability.
Realtor.com expects the rise in home sales should also improve the Valley’s economy by providing more jobs. In the meantime, homebuyers are encouraged to purchase that new home sooner rather than later to lock in the most favorable pricing, said Smoke.
- Learn all about Avance with our New Home Advisors
- Get to Know Deseo with Our New Home Advisors
- Green Living Tips for Earth Month
- Celebrating Earth Month in Arizona
- What’s cooking in your kitchen? The latest design trends.
- Last Chance to Experience Life at Center Pointe Vistoso in Tucson
- Bricks, brunches and brainstorms: The Warehouse District in Downtown Phoenix
- Spruce Up Your Space for Spring
- Things to do this spring in Phoenix and Tucson
- Introducing the year’s hottest interior trends: Desert Modern & Southwestern