Realtor.com predicts Phoenix-area to be top housing market in 2017

The top housing market in the country in 2017 will be the Phoenix area, according to a recent forecast by realtor.com.


The top housing market in the country in 2017 will be the Phoenix area, according to a recent forecast by realtor.com.

The Valley has had steady sales growth and price increases and relatively little foreclosures, making it one of the healthiest real estate markets.

Realtor.com predicts that Valley home prices will climb 5.9 percent in 2017, with sales increasing by 7.2 percent for the largest sales increase out of the top 10 markets on the prediction list. Los Angeles ranked second on the list, with a predicted 6.9 percent price increase and a 6 percent sales increase. Sacramento and Riverside also made the top five.

Tucson is predicted to be the ninth best housing market in 2017, with an anticipated 6.1 percent price increase and 5.5 percent more sales than 2016's statistics.

Interest rates are also trending upwards, which impacts the amount of home sales nationwide.

Realtor.com's predictions for the top housing market in 2016 were fairly close, expecting Providence, Rhode Island – Warwick, Massachusetts, area to be the top market nationwide. Home prices rose more than 12 percent in the area this year, compared to just over 5 percent for the rest of the country on average. Other areas such as Salt Lake City saw larger gains in home prices in 2016.

 

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