2017 was one of the best-ever years for home sales in metro Phoenix with 93,500 houses sold. That’s 6 percent higher than home sales in 2016. 2017 could be considered the best healthy year for home sales. Tina Tamboer, senior housing analyst with the Cromford Report said an early analysis of sales show Phoenix-area home prices climbed 6.5 percent last year. Metro Phoenix’s median existing-home price is hovering around $250,000.
Looking ahead in 2018, here are some predictions from Valley housing market experts.
“Phoenix’s housing market will continue to perform in 2018 much as it did in 2017,” said Mark Stapp, executive director of the Master of Real Estate Development program at Arizona State University’s W.P. Carey School of Business.
“The challenge is to build more housing that people can afford,” said Tom Ruff, real estate analyst. “Valley prices can’t keep climbing at the current rate, if people can’t find homes they can afford.”
Tina Tamboer with the Cromford Report said she “wouldn’t be surprised to see appreciation soften a bit this year.” She believes home prices will keep climbing in 2018, but potentially not at the same rate as in the past two years.