Phoenix Homes on Track to Break Record This Week as Housing Market Booms

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Phoenix Homes on Track to Break Record This Week as Housing Market Booms

PHOENIX – Once a figurehead of the foreclosure crisis, the Phoenix housing market is booming again, supported by robust population growth and relative affordability. Phoenix was a hot market before the pandemic, and it was a big beneficiary of the new remote working guidelines as workers in expensive cities decided to move to cheaper homes. Even though property prices in Phoenix are rising, housing in the area is still cheap compared to many other major cities in the west. The average price of existing real estate in the Phoenix area was $ 399,900 in June, up 31.1% year over year, according to the Arizona Regional Multiple Listing Service. That’s more than $ 100,000 below average home prices in San Francisco, Los Angeles, Seattle, Portland, Oregon, and Denver. “When the Seattle and Portland folks come here, they’re excited about what they can buy,” said Alan Jones, division president of home builder Lennar Corp. “And from California they are more than enthusiastic.”

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