Metro Phoenix is one of the U.S.’s “10 hottest housing markets to watch in 2015,” according to a new Realtor.com report.
The real estate website’s chief economist, Jonathan Smoke, said Phoenix’s potential for income growth and new-home construction landed it on the list.
“Phoenix consistently hammers home market growth through new construction. The sprawling desert city continues to see an increase in overall population and household growth. Household growth is anticipated to increase by 7 percent over the next five years,” according to Smoke’s report.
Smoke’s comment about the Valley’s new-home market will surprise some because the region’s homebuilding market has yet to recover from the crash. The latest data from Phoenix-based RL Brown Reports shows homebuilding is down 15 percent from last year’s slower-than-expected pace.
Smoke’s list is made up of cities he expects will see the strongest housing growth, affordable prices and fast-paced sales.
Realtor.com doesn’t rank its top 10 cities. The rest of the areas expected to see the most housing growth in 2015, alphabetically: Atlanta, Dallas, Des Moines, Denver, Houston, Los Angeles, Minneapolis, San Jose and Washington, D.C