John Burns, CEO of John Burns Real Estate Consulting and Greg Vogel, CEO of Land Advisors Organization Labels Metro Phoenix “Hottest Housing Market in the U.S.”

While the John Burns Real Estate Consulting and Land Advisors Organization CEO’s may not have been referring to the same price increase of 50% in just one year or how the pace that new homes were being built tripled during the early 2000’s boom, John Burns and Greg Vogel cited a number of other reasons why Metro Phoenix has an advantage over other major U.S. real estate markets. Burns recently spoke at the Land and Housing Forecast, an annual conference held by Land Advisors Organization that aims to look at what to expect from the industry in the coming year.

At the conference, Burns shared his analysis of the national real estate industry and what trends he’s identified to strengthen their argument, such as metro Phoenix home prices being projected to increase by 4% in 2020 while other major cities that are big players in the real estate industry are expected to see a decline. Burns also noted that in 2018 metro Phoenix was the second fastest growing area for new residents. Piggybacking on the market’s projected home price increase, Burns also speculates that the metro Phoenix area will not be as heavily impacted in the event of any economic downturns, while other major markets in the real estate industry will be. Continuing to strengthen his argument, Burns discusses the anticipated increase in population and the increase in jobs within the area during 2019,  to which Vogel complimented in explaining that 350,000 jobs have been added since the crash. The crash cost us 150,000 jobs, far less than what we’ve gained. Both real estate experts presented a strong argument that they backed and strengthened with data analytics and trends from previous years, making their optimism for the future of the metro Phoenix real estate industry substantiated and powerful.

Source: Catherine Reager, The Arizona Republic