Arizona Housing Market: Price, Trends Forecast for 2022 By Yvonne McFadden
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hoenix has been one of the most active housing markets in the United States. Phoenix had the highest year-over-year gain in the country in September, with a 33.1 percent increase. According to the latest S&P CoreLogic Case-Shiller Indices results, Tampa was right behind Phoenix with a 27.7 percent increase, followed by Miami with a 25.2 percent year-over-year gain. Home price growth in the United States was 19.5 percent in September, down from 19.8 percent the previous month. With the new year still very, well new, what will the Arizona market be like: PRICE APPRECIATION According to a housing market forecast released by Realtor.com, Phoenix home prices are expected to rise 6.8 percent in 2022. The projected increase is based on the Valley’s recent median home price of $485,000. Towards the end of the year, Realtor.com released its Top Housing Markets of 2022 report, where Metro Phoenix ranked 19th among the cities that would lead the nation in listing price appreciation and home sales growth in 2022. WWW.THEPINMAGAZINE.COM
“Prices will likely continue to go up, just given the fact that there’s such limited supply out there, but it can’t continue to appreciate at that same pace,” Erik Bildman, the vice president of real estate startup Sundae, said. “We’re predicting somewhere in the high single digits to low teens for next year.” HOME SALES We should anticipate strong home sales growth in Arizona as more sellers enter the market and fierce buyer competition. In 2022, Phoenix is expected to see a 14.3 percent increase in home sales, a 7.5 percent increase in home prices, l
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