Arizona, the spectacular desert state in the south-western corner of the US has on offer a broad range of striking housing stock. Decorated homes amidst the desert landscape, luxurious estate homes, smaller single-family homes, stylish condos - are all included in the Arizona Housing Market , spread over cities like Phoenix, Tucson, Scottsdale.
The economy of Arizona is mainly dependent upon manufacturing (electronics, printing & publishing, aerospace & transportation being the leading sectors). And with the state growing rapidly, construction and tourism have also gained in importance favored by its warm, dry climate.
The main centers of the tourism industry are:
- the Grand Canyon
- the Painted Desert
- ancient Native American ruins
- the Navajo & Hopi reservations
- the Petrified Forest
- meteor craters
Not very long ago the Arizona Housing Market was at its best and it had become very difficult to buy homes, with the inflow of buyers (mostly individual speculators) from California. Builders, as a result, built much more houses than the Arizona Housing Market demanded. This construction frenzy was egged on by:
- incredibly low interest rates
- inflow of huge amounts of investments
- the state being the fastest-growing one for a very long time (almost 19 years)
But the continued inflation of housing stock prices in the Arizona Housing Market was not helped by the large number of houses available for sale.
The rising interest rates further added to the woes of builders as well as sellers, with prospective buyers losing interest in the Arizona Housing Market .
The above mentioned reasons resulted in the fall of housing stock prices in the Arizona Housing Market through the whole of 2006. Prospective buyers were being offered incredible incentives by builders as well as sellers to buy houses in a market where the number of unsold homes had risen to around the 46,000 mark from a mere few thousand in early 2005.
But the long slump has resulted in a surge in the sales of houses besides a renewed consumer interest in the Arizona Housing Market in December, 2006.
So, all associated with the Arizona Housing Market are feeling high going into 2007.
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