The steady influx of new home buyers bodes well for the long-range housing market in the Greater Phoenix area. Further, this ongoing trend is seen as a safety net against any sort of housing "bubble" burst or declining home values.
Arizona's leading economists and market watchers are predicting as many as 52,475 homes will be built across metropolitan Phoenix in 2005. According to economist Elliot Pollack of Arizona State University's W.P. Carey School of Business:
"Like the Energizer bunny, the single-family real estate market just keeps going and going."
Phoenix led the nation in the building of new metropolitan homes last year. Also, in 2004, Arizona ranked #2 among all states in population growth. This marked Arizona's 11th consecutive year in the runner-up position.
Likewise, 2006 should be a busy growth year according to June's Greater Phoenix Blue Chip Report. It forecasts the building of another 50,325 new homes Valley-wide.
