2017’s strong housing market in metro Phoenix gives 2018 a lot to live up to

2017 will go down as one of metro Phoenix’s best-ever years for home sales. An early tally shows 93,500 Valley houses changed hands last year. That’s 6 percent higher than home sales in 2016. “Only 2004, ’05 and 2011 were better years for home sales,” said Tina Tamboer, senior housing analyst with the Cromford Report. And in those years, the Valley’s housing market was far from normal. The housing boom, fueled by subprime mortgages and speculators, started in 2004 and was in full swing during 2005. Metro Phoenix’s housing market hit bottom in 2011, and investors snatched up a record number of bargain foreclosure homes that year. So 2017 could be considered the Valley’s best healthy year for home sales, something real-estate analyst Tom Ruff predicted in August.

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Source: AZ Central

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