Phoenix housing market accelerating into 2015

April 1, 2015

by Mike Simonsen

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The Phoenix housing market has been an interesting one to watch over the past few years. Due to strong demographics and smart foreclosure laws, Phoenix was the first market to strongly recover from the bubble burst in 2011 and has enjoyed four solid years of growth. The super-rapid price appreciation cooled a bit in 2014 as the most aggressive buyers pulled back. Still, home prices in Phoenix appreciated at a healthy 7% clip in 2014.

 

Phoenix home prices 2015
Phoenix single family home prices by price range market segments. Data as of March 31, 2015

 

Now as we launch into the heart of the 2015 market, Phoenix looks to be heating up again. Home prices are off to a strong start, increasing across all price range market segments.

We’re also seeing fewer price reductions in Phoenix this year as compared to last spring, implying stronger demand in the market.

 

Phoenix real estate price reductions
Percent of active listings in Phoenix that have taken price reductions in the previous 90 days. Single Family Homes.

 

For 2015, Phoenix is poised for another strong year of home price appreciation. By the time the seasonal cycles play out, we should be looking at 10% growth or more.

For more insights into the Phoenix housing market, check out Altos Research data for Realtors and Brokers.

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