With 93,500 homes sales putting it 6 percent higher than the past year's record, 2017 is shaping up to be one of Metro Phoenix housing market’s best-ever years.
And it might as well be the Valley’s best healthy year for home sales. Three other years bested 2017 in home sales but only because the Metro Phoenix's housing market was far from normal. 2004 saw a housing boom sparked by subprime mortgages and speculators which intensified in 2005 and bottoming out in 2011 with the collapse of the housing market.
Metro Phoenix’s home prices aren't at the peak levels of 2006 although an early analysis shows a 6.5 percent increase for 2017 and a median existing-home price around $250,000. If this year's median price goes up by 6 percent, 2018 would be the year Valley home prices finally recover.
2018 might have a lot to live up for Metro Phoenix’s housing market but if it can perform against the challenges of having enough affordable housing, new tax laws, inflation and interest rate hikes, we could have another good year for Valley home sales.