Phoenix is hot. That may not be news for people who live in the desert city. But its housing market, hit hard by the housing crash, is booming. Azcentral reports:
New houses are going up in the Phoenix area at the fastest pace in 10 years, and prices are climbing faster than they have in five years.
Buyers are again heading to Valley suburbs farther out to find houses they can afford.
All are signs that metro Phoenix’s home building market is recovering.
But it still has a way to go to rebound from the housing crash that left many Valley fringe neighborhoods half-built and blocks of new houses empty for years.
More than 1,950 new houses sold Valleywide in May, and the pace of sales for the year is 18 percent ahead of last year, Belfiore Real Estate Consulting reports.