After eight years, some of the nation’s busts are red hot.
Meyers Research examined how Phoenix, Orlando, Las Vegas, and Riverside, Calif., four of the most prominent markets impacted by last decade’s housing bubble, have fared this year.
Riverside has shifted away from McMansions and loose lending, moving toward smaller, high density products. Las Vegas builders are targeting a range of buyers, including first-time, move-up, luxury, and active adult segments, resulting in higher sales volume and sales rates. New and different industries, such as companies like Lockheed Martin and Orlando Health, have moved into Orlando, luring homebuyers.
Phoenix’s economy is improving.
The dearth of new development in Phoenix has contributed to price appreciation (remember when you could buy a house in Phoenix for $150K?) and a mismatch between supply and demand. Phoenix is now at full employment and continues to add jobs at a 2.4% annual clip.