What’s the latest with the economy? Economic experts presented their assessments of the state, local and international economies during the Economic Outlook 2018 forecast event Sept. 29 presented by the Greater Phoenix Chamber of Commerce (GPCC) and Cox Communications at the Sheraton Grand Phoenix. Economic experts forecast slow, sustained economic growth to continue in Arizona and across the nation during 2018. Unemployment is expected to continue to decline with the rate potentially dropping below 4 percent nationally next year. Arizona’s unemployment rate is also forecast to drop, with the majority of employment growth centralized in the Greater Phoenix region.
What’s the latest with the housing market? According to The Home Buying Institute, 2018 suggest that Phoenix could have a relatively normal year, at least where home values are concerned. Home prices in the Phoenix housing market now appear to be rising more slowly. The economists at Zillow recently forecasted that home prices would rise by a more modest 3.5% between November of 2017 and November of 2018. That’s a more sustainable level of appreciation, compared to what we’ve seen over the last couple of years.
If you would like some information on your local market, or a market analysis of your own home, feel free to reach out to me. I’m happy to help.
Disclaimer: This article includes predictions and forecasts for the Phoenix real estate markets through 2017 and into 2018. These forward-looking statements were provided by third parties not affiliated with Keller Williams. I have collected and presented them here as a service to my readers. As a general practice, Keller Williams and myself refrain from making predictions relating to the housing market or the broader economy.