The southwestern state of Arizona has experienced some of the most exciting growth in the housing market in recent years. In 2006, it was the fastest growing state in the United States. Today, it has the second highest population growth and is continuing to increase. Many people are finding the warm, desert climate a perfect place to live. With 6.1 million people, the Phoenix area alone with 4.3 million, the state has had rapid developmental changes. In the last decade, there has been a 45% increase in the Phoenix area. Houses are popping up everywhere in the areas that surround Downtown Phoenix. The Tucson area in Southern Arizona has also experiencedrapid growth. Mesa, Glendale, Chandler, and Scottsdale have all experienced rapid growth as well.

Arizona is the 6th largest state with an area of 113,998 square miles. Bordering New Mexico, Utah, Nevada, California, and even Colorado ; the state has many different geological areas and features. Although most of state is a desert, there are mountains, plateaus, and even forests in the northern part of the state. Some more drastic features like the Grand Canyon and the Barringer Meteorite Crater attract tourists from all over the world and offer a unique landscape for the state.
Large population increases have been mirrored with the creation of numerous jobs for the state. Many different software companies and other technology companies have relocated to the area. These companies have created thousands of new hi-tech jobs that attract people from all over the country. Schools like the University of Arizona and Arizona State University have also helped to create jobs and increase population. Students coming from out-of-state like the warm weather and culture and often end up staying. Read more »

Sales Trends
As the state continues to grow at a very impressive rate, builders are continuing to focus on the area and find ways to make new home sales. Competing against a large number of foreclosures, new home builders must find creative ways to attract home buyers. A large amount of success has come from reducing costs in order to provide a sales price cheaper than most foreclosures. Fulton Homes is one company that has found a lot of success in the Arizona area from lowering housing prices. When they lowered prices from $150,000 to $106,900 in San Tan Valley, they had an impressive 21 sales in one month. Similar builders are catching on and looking for ways to reduce costs and home prices. As the 5th largest housing market with 17,558 sales last year, there is a lot of big builders focused on the area. A large volume in sales has helped to keep the market up with the state’s rapid expansion.

Other Key Trends
Rapid expansion in the state can partly been attributed to the increase in retirees moving to the state. As a landlocked state, Arizona provides a warmer, gentler climate than most other retirement locations. Builders have focused on providing luxurious retirement communities in the heart of the desert to attract elderly. Phoenix, Prescott, and Sedona are all rated as some of the top cities to retire in the country. With builders gearing more and more towards this market, population growth will continue to increase for both young and old in the years to come.  « Close »