Which Phoenix-area house market is safe?
It’s been a rough year for real estate in Phoenix.
From the fire that destroyed two buildings in the heart of downtown to the collapse of a $100 million condominium tower that killed dozens of people and cost the city billions, the Phoenix housing market has been rocked by many of the same problems that have afflicted many markets in recent years.
It’s hard to imagine a market that is safer.
But for some investors, it’s not just the problems that make this year’s market so volatile.
As the economy continues to limp along, Phoenix is seeing a steady increase in home prices and investors are increasingly willing to pay higher prices than in the past.
While home prices in Phoenix are still in the mid-30s, they are approaching levels that are nearly unheard of for a market like this.
Here are five reasons why Phoenix is becoming a hot market.
Home prices are soaring at record rates.
The median home price in Phoenix in April was $2.4 million, according to the Arizona Real Estate Association.
In October, the median price was $1.3 million.
But that increase is just beginning to show signs of slowing down.
The last time the median home value in Phoenix was this high was in February 2007, according a survey by real estate site Zillow.
It was around $1 million by the end of January of this year.
In January 2016, the city was the only city in the U.S. to hit $1 billion.
By April, it was around the $1,000,000 mark.
The trend is accelerating.
Zillows numbers showed a median price for a single-family home in Phoenix hit $2,500,000 in April.
The same month, the average price for single-home homes was $3.6 million.
And by April, the prices for single homes had jumped to $3,600,000.
Home price growth outpaces the city’s population.
Phoenix has been in a boom cycle since at least the late 1980s, when it was home to an influx of Asian immigrants who sought to create a more culturally diverse area of the city.
The influx of Chinese immigrants has brought a lot of people to Phoenix, but the boom cycle has had a negative impact on the quality of the housing stock, according the Arizona Economic Development Council.
The average number of residents in Phoenix is now at about 1,000 people, and the number of new homes built has slowed to a trickle.
According to a recent report from the National Association of Realtors, only 9 percent of new housing in Phoenix has gone up in value since 2007, and more than 30 percent of all new homes in the city have been built in the last decade.
Phoenix is a real estate wasteland, and even with all the money that has been pouring into the city in recent decades, housing still lags behind other major cities in the state, according with the UAW.
That means that even though the number and quality of housing is improving, there are still a lot more units that need to be built in order to keep pace with demand.
That can make it hard for buyers to find a home, and it can also make it harder for the city to meet its budget obligations.
Home sales are soaring.
Home buyers are eager to move to Phoenix because of the affordable housing and proximity to work, said Steve Kohn, chief economist for the RealtyTrac Real Estate Board.
But when it comes to prices, many buyers are choosing to make their move in places that have historically been difficult for them to find.
In Phoenix, buyers are buying properties in areas with historically low prices because they can, Kohn said.
The numbers tell a different story.
According a new report by the Realtor Institute, sales in Phoenix increased from $743 million in October to $931 million in April, with a significant increase in the first quarter.
That was followed by an even larger jump in May, when sales jumped more than 10 percent to $1 and a significant jump in June to $2 billion.
The report shows that buyers in the Phoenix market are increasingly buying in areas that have seen prices drop during the boom.
Homebuyers are not finding bargains.
Many Phoenix buyers are looking for a place that is relatively affordable and close to work and school.
But many of them are also choosing places that are not so far from school that they can easily commute to work.
As a result, home prices have continued to fall in Phoenix, Korn said.
When it comes time to sell, many Phoenix homebuyers will consider properties that are close to schools and are close enough to walk to work in the morning or evening, which is not ideal.
The result is that most Phoenix homes are priced too low.
That is why many home buyers are paying much more for their homes than they should.
The Phoenix housing crash has