Categorized | Residential

Housing Market in Phoenix Finally Starting to Recover

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Phoenix has been home to one of the poorest performing housing markets in the United States over the last few years. Analysts are hopeful, however, that the city’s property market will take a turn for the better in 2012.

Despite being known as one of the weaker markets in the United States, Phoenix’s residential real estate market has now posted twelve straight year-over-year increases. That trend will likely continue well into the next year. Homeowners in Phoenix are very pleased with the improved performance, as are realtors in the region. Supply has dropped significantly, and demand is at the highest level it has been in years.

While the last twelve months have seen small gains, housing market analysts believe that prices may see a strong jump in the next year. Some believe that housing prices may increase by as much as ten percent. The significant drop in foreclosures will most certainly play a major role in the strong improvement in prices. The number of foreclosures has fallen by more than sixty-five percent in the last two years. They are now at their lowest rate since 2007.

Phoenix still isn’t out of the woodwork just yet, despite all of the positive news. The city still has a high percentage of homes that hold negative equity. The job market in the city also still leaves a lot to be desired. Even with that said, however, investors are looking to the Phoenix housing market, and consider it an excellent buy. Housing prices are still severely discounted, and with the market expected to increase, there is a lot of room for profit for investors.

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About Josh Johnson

Josh is the main writer for the Residential category. He also helps out on other categories when needed, mainly the International section.

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