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PHOENIX — One real estate website is forecasting the Phoenix
area to be the top housing market in the country next year.
Realtor.com ranked the top 100 real estate markets for 2017,
placing Phoenix at No. 1, ahead of markets such as Los Angeles, Boston and
Sacramento.
Phoenix is projected to have 7.24 percent sales growth and
5.94 percent price growth in next year’s market.
“There are more people coming to the [Phoenix] market,” said
Jonathan Smoke, chief economist at the website.
“More importantly, you’re seeing the employment growth
that’s exceeding what’s happening in the U.S. overall.”
Smoke said that growth is producing the necessary jobs and
incomes to fuel the housing market.
“When you combine that with the affordability that exists in
Phoenix, especially compared to other western markets, it presents an
opportunity for sales for people of all ages,” Smoke said.
“That’s the fundamental reason why Phoenix is so strong.”
Smoke added that the median list price for a home in Phoenix
is just about $300,000.
That’s lower than the $675,000 median price in Los Angeles
and the $480,000 median price in Boston.
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