No one can answer with any 100% certainty, but sources like realtor.com and their economic team forecast that the U.S. real estate market in the western part of the nation will continue to take the lead in both home prices and sales in 2017.
According to realtor.com, “Western metros are forecast to see a price increase of 5.8% and sales increase of 4.7%, much higher than the U.S. overall of 3.9% and 1.9%, respectively.”
The Phoenix-Mesa-Scottsdale area is forecast to continue to lead the nation with prices at 5.9% and sales growth at 7.2%.
Not surprising, but indicators like this might mean that the Phoenix metro area will see a very strong housing market in 2017.
Buyers typically begin searching several months in advance, so the jump in activity could translate to increased purchases in the spring and summer of next year.
Just because people are searching for homes doesn’t mean they will be able to buy. The market has shown limited availability of homes for sale, which continues to be a problem. There is however, a growth in new construction that is easing the supply shortage. Builders are building as fast as they can.
The good news is that the Phoenix metro area is not going to see a slow down anytime soon, which means it’s a great time to take advantage of the real estate market.
Questions about housing trends in your area? Email us.