Housing market in Phoenix ranked hottest in the country

Phoenix has been ranked the hottest housing market, and it will not be cooling down over the summer, according to an industry forecast. 

Phoenix was ranked No. 1 out of 100 local markets around the U.S. in the 2017 National Housing Forecast. Tucson ranked the ninth hottest housing market for 2017.

The research predicts that the Phoenix-Mesa-Scottsdale housing market will see the more action throughout the rest of the year, according to a press release.

Other top housing markets include Los Angeles-Long Beach-Anaheim, Boston-Cambridge-Newton, Sacramento-Roseville-Arden-Arcade, Riverside-Ontario-San Bernadino, Jacksonville, Orlando-Kissimmee-Sanford, Raleigh and Portland-Vancouver-Hillsboro.

Weather, comfortable climate and the political environment have been the top reasons for the strong market, the release stated. 

“Arizona’s state government has adopted a very strong, pro-property rights approach to issues regarding homeownership and business development, with relatively low taxes overall when compared with other states,” the Arizona Association of Realtors wrote in a blog post. “These policies are drawing people generally in two ways, by leading to job creation, and by attracting people from higher-tax, weaker-property rights states like Illinois and New York.”

Overall, the U.S. housing market has been expected to cool and see only moderate growth over the next year.

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