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Nov 30, 2016, 10:23am MST Mike Sunnucks Senior Reporter Phoenix Business Journal
Phoenix is projected as the top housing market in the country for next year, according to a new forecast report by Realtor.com.
The real estate group expects Phoenix housing to see price gains of 5.9 percent and sales growth of 7.2 percent.
That earns the Valley the top spot.
Los Angeles ranks second, Boston third. Sacramento and Riverside round out the top five. Tucson is picked as the ninth strongest housing market next year, by Realtor.com’s forecasters.
The housing forecast projects slower but moderate growth in 2017 with eyes on a potential interest rate hike.
Realtor.com is an arm of media giant News Corp.
Nationally, the forecast calls for a 3.9 percent gain in home prices. That is slower than the past couple of years.
New home sales are estimated to increase 10 percent and new home starts 3 percent next year.
The real estate forecast expects 2.1 percent economic growth in the U.S. in 2017.
“We don’t expect the outcome of the election to have a direct impact on the health of the housing market or economy as we close out 2016. However, the 40 basis points increase in rates in the days following the election has caused us to increase our interest rate prediction for next year,” said Jonathan Smoke, chief economist for Realtor.com referring in part to Donald Trump’s presidential election.
The real estate group also expects Midwestern cities such as Madison, Wisconsin; Columbus, Ohio; Omaha, Nebraska; Des Moines, Iowa; and Minneapolis to be attractive to younger home buyers.
Those markets have affordable prices — compared to larger, mostly coastal cities — and are often college towns or have positive job markets.
Realtor.com projects Chicago with the weakest housing market in 2017 among the 100 top U.S. metros.
Mike Sunnucks writes about residential and commercial real estate, government, law, sports business and workplace issues.
Phoenix Commercial Real Estate and Investment Real Estate: investors and Owner / Users need to really know the market today before making a move in Commercial Properties or Investment Properties in Phoenix / Tucson / Arizona, as the market has a lot of moving parts today. What is going on socio-economically, what is going on demographically, what is going on with location, with competing businesses, with public policy in general — all of these things affect the quality of selling or purchasing your Commercial Properties, Commercial Investment Properties and Commercial and large tracts of Residential Land in Phoenix / Tucson / Arizona. Therefore, you need a broker, a CCIM (Certified Commercial Investment Member) who is a recognized expert in the commercial and investment real estate industry and who understands Commercial Properties and Investment Properties.
I am marketing my listings on Costar, Loop-net CCIM, Kasten Long Commercial Group. I also sold hundreds millions of dollars’ worth of Investment Properties / Owner User Properties in Retail, Office Industrial, Multi-family and Land in Arizona and therefore I am working with brokers, Investors and Developers. I am also a CCIM and through this origination ( www.ccim.com ) I have access to marketing not only in the United States, but also international. Click here to find out what is a CCIM: https://en.wikipedia.org/wiki/CCIM
Feel free to contact Walter regarding any of these stories, the current market, distressed commercial real estate opportunities and needs, your property or your Investment Needs for Comercial Properties in Phoenix, Tucson, Arizona.
Kasten Long Commercial Group tracks all advertised apartment communities, including those advertised by other brokerages. The interactive map shows the location of each community (10+ units) and each location is color coded by the size (number of total units).
Walter Unger CCIM, CCSS, CCLS
I am a successful Commercial / Investment Real Estate Broker in Arizona now for 20 years. If you have any questions about Commercial / Investment Properties in Phoenix or Commercial / Investment Properties in Arizona, I will gladly sit down with you and share my expertise and my professional opinion with you. I am also in this to make money therefore it will be a win-win situation for all of us.
Please reply by e-mail email@example.com or call me on my cell 520-975-5207
Walter Unger CCIM
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Kasten Long Commercial Group
2821 E. Camelback Rd. Suite 600
Phoenix , AZ 85016
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