Jan. 13, 2020
Metro Phoenix is the "hottest" housing market in the U.S., according to respected national experts.
However, the term hottest is not defined as it was in the past when prices and building of homes were going up in double digits.
Metro Phoenix is hot now because prices are not expected to drop as they are in other major metropolitan areas. The reason for the stability of our market is the sturdy job and population growth. In 2018, our population grew by 96,000 people and in 2019, 70,000 jobs were added. At the time of the housing bubble, our area lost 155,00 jobs. Since that time we have added 350,00 jobs during the recovery.
Valley home prices are expected to rise 4% in 2020. Additionally, new home construction has been increasing. Slowing down the rate of new home building has been the shortage of labor. Builders I have spoken with do not see a large influx of available labor. Most builders are telling us that the normal lead time for new home construction is 6-8 months.
If you are interested in new homes, I can provide information on all developments in the valley