Arizona Residential Housing Market Hits Record Levels and Climbing
Growth in the Residential Housing market in Arizona has reached record levels
and real estate analysts predict that such growth will continue to gather new
momentum. Catherine Burrough of the Arizona Republic captured this theme when
she wrote about the Real Estate boom in the Arizona housing market. According
to her, the ills in the US economy will not be able to stop the current
momentum in the real estate market in Arizona. Home sales in the Valley
continue to break new records from one year to the other. Jeff Butler director
of the Arizona Real Estate Center said, “The housing market has been the one
safe harbor for people, People who haven't bought either can't afford to or
just plain don't want to." Butler said.
Economic Realities Sustaining Growth in Arizona Housing Market
Many factors both economic and demographics continue to booster the housing
market momentum in Arizona. Income levels of residents of major metropolitan
areas seem to be on the upper income strata, compared with the national
averages. Prices of the Arizona real estate seem to be modest compared to other
U. S. major real estate markets. There is also an added factor that First time
home buyers are offered incentives along with governmental assistance offered
through both state and federal sources. Such programs have helped to push the
Arizona housing markets to new record levels. The unwavering strength of the US
housing market despite the stock market declines helps to point to the
exuberance by new housing seekers who continue to come to Arizona by the
thousands every year.
Other Issues supporting Arizona’s Housing boom
As new generation of Americans come of age, new expectations and interests tend
to show up in new home seekers. Many are drawn to open space which is abundant
in Arizona. Open space also tends to correlate with the level of amenities
included in the new residential units springing up everywhere in the State. In
addition these new generation home seekers are very interested in “cool
features” which is supportive of their individual lifestyles. It is evident
that as the U. S. economy continues to expand in light of interest rates at low
historical levels, expect to see the current boom in the Arizona housing
markets to continue in the coming years.
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