In regards to the ability to withstand economic downturns not caused by the real estate market, Metro Phoenix area proves to be quite resilient. However, this doesn’t mean that the valley’s housing marketing will be unphased by the coronavirus pandemic.
The data shows that listings have climbed 20% in the past few weeks, which could indicate homeowners are struggling financially. They’re hoping to either get out from under mortgages, or its short-term rental owners who don’t have prospective tenants wanting to rent.
Elliott Pollack, a veteran Arizona economist, and many other experts are anticipating the Phoenix housing market to hunker down for the coming months. “People aren’t moving now and that means they aren’t buying homes,” Pollack said. “’Phoenix’s strong population growth was driving the housing market. That’s over until this crisis is over.”
Click here to read more about the upcoming housing trends, what to look out for, and the silver lining that Arizona economists are expecting by the end of the year.