Phoenix makes huge leap in key national report on top homebuilding markets; trend likely to continue, says real estate consultant Jim Belfiore

Phoenix is a hot market for homebuilding construction and investment, according to the Urban Land Institute. / Steve Cole Images / Phoenix Business Journal

By Angela Gonzales | Phoenix Business Journal

Fueled by the multifamily sector, Phoenix has returned to robust growth and re-established credibility in the residential real estate investment community and is now ranked among the nation’s top homebuilding markets, according to a new report.

While Phoenix ranks in the middle of the pack at No. 31 among U.S. metros in overall real estate investment and development prospects, it surged into the top 10 in the prestigious Urban Land Institute report with a ranking at No. 7 in homebuilding prospects. In fact, Phoenix shot up 10 places from the previous year’s ranking for homebuilding, when the Valley ranked No. 17.

Metro Phoenix accounted for 2.5% of total U.S. real estate investment volume between 2016 and 2018. But that number ticked up to 2.9% during the first half of 2019, according to the report, “Emerging Trends in Real Estate 2020.”

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