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.
Advertisement
Related Stories
New-Home Sales
Mortgage Rates Are Up but New-Home Sales Still Solid in March
Lack of existing home inventory drove a rise in new-home sales, despite higher interest rates in March
Labor + Trade Relations
Who's Earning What in Construction
Workers in construction management roles may earn a higher median wage, but on average, lower-paid occupations have experienced somewhat faster wage growth
Build to Rent
Build-to-Rent Is Booming, Particularly in These Metros
A recent report finds that the Phoenix metro leads with more than 4,000 build-to-rent units completed in 2023, and Texas is the leading state for build-to-rent development