While COVID-19 continues to wreak havoc on the national economy, the Phoenix area continued to be a “hot-spot” (pun intended) for real estate and homeownership during the 4th quarter of 2019 before the global pandemic began to impact the Grand Canyon State.
According to the National Association of REALTORS® 4th quarter local market report, the PHX area median home price rose by 8.3%, nearly 2% higher than the U.S. Perhaps even more astounding is the three-year price trend which indicates a 25.4% increase.
On the equity front, the Valley of the Sun saw a a gain of $26,536 compared to the national average of $20,164.
The market analysis also reported that Arizona’s economy was stronger than the nation’s but did slow signs of a slowdown.
Local employment was strong compared to other markets and continued on an upward trajectory.
While real estate agents expected “higher price growth in Arizona than in the U.S. in the next 12 months,” those expectations may have changed now in light of the coronavirus’ impact on the housing market.