Realtor.com predicts another banner year for Phoenix real estate markets. The website’s economic team released its annual market forecast last week and while the report predicted a slight slowdown for the U.S. real estate market as a whole, they expect Phoenix to continue strong growth through 2017.
“According to our forecasts, the western U.S. will continue to lead the nation in prices and sales,” the article reports. “The top 10 markets all benefit from strong growth dynamics: population, jobs, and households,” says Jonathan Smoke, realtor.com’s chief economist.
The team forecasts average price gains of 5.8% and sales growth of 6.3%, compared to anticipated national growth of just 3.9% and 1.9% respectively. Limited availability of homes for sale is being eased somewhat by growth in new construction, however, there isn’t enough new construction to keep pace with growth, according to Smoke. (more…)