Many parts of the country look to the Phoenix Housing market to spot the trends that may affect other parts of the country. The Phoenix metro area has demonstrated itself as a leader when predicting moves in other areas. There are new indications that both residential land and housing markets across the state have seemingly turned a corner and are beginning to show marked signs of improvement. The numbers don’t lie. In the past two years, Phoenix has seen the return of 29 percent of the jobs lost during the recession. Out of 228,000, 65,000 jobs have come back as viable employment. The year to year growth of the construction sector continues to increase by about 5,000 new jobs.
Land Advisors Organization, a group specializing in selling large land tracts, has predicted that applications for building permits for land in the Phoenix area will continue their increased production. In 2010, there was a low of 6,822 permits. In the following years of 20122 there was an increase to 7,204 permits and jumped to 11,852 in 2012. In 2013, an additional increase is predicted with an increase to 16,000. Looking forward to 2016, the increase is forecasted to hit 35,000 or above, placing it on par with levels not seen since 2000. This return to prior levels is a great indicator that the Phoenix market is back on track. On the monetary side of the transaction, the volume sold in metro Phoenix in the past three years has mushroomed moving to levels of 1.4 billion in the past year up from 700 million in 2010.