Arizona Republic
z SUNDAY, JANUARY 7, 2018 z 1R
Real Estate
Anne and David Bernath bought their north-central Phoenix home as a foreclosure in 2013 and spent time and money renovating it. When they recently had to put their house on the market, it sold within a day for $1,000 more than the asking price. MICHAEL CHOW/THE REPUBLIC
Valley housing market sets the bar Nearly 93,5000 Valley houses changed hands last year, a 6 percent increase over 2016 Catherine Reagor Columnist Arizona Republic USA TODAY NETWORK
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 , 2005 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 bot-
2017 was a strong year for housing appreciation in the Valley, but prices still aren’t back to peak levels of 2006. tom 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. “2005 went down in the history books as the year our housing bubble rapidly in“at ed,” said Ruff of Arizona Regional Multiple Listing Service’s The Information Market. “2011 was the year housing prices bottomed out after the housing-market collapse. “This leaves 2017 as the very best year for
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Valley resale homes in our history not in“uenced by some freakish market outlier,” he said.
Prices still shy of peak levels 2017 was a strong year for housing appreciation in the Valley, but prices still aren’t back to peak levels of 2006. Tamboer said an early analysis of sales on the MLS shows Phoenix-area home prices climbed 6.5 percent last year. See REAGOR, Page 3R
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