Phoenix No. 1 for growth in home values and rent

Above: COVID-19 is accelerating suburban growth in places like Sterling Grove, a 780-acre master-planned neighborhood, west of Loop 303 in Surprise, offers homeowners access to a private country club and 18-hole Jack Nicklaus-designed golf course.

By AZ Business Magazine | AZ Big Media

The Phoenix residential real estate market is booming, recording the highest annual growth in both home values (17.1%) and typical rent (8.4%) among the nation’s largest metros, according to Zillow’s latest market report.

Extreme demand driven by exceptionally low mortgage rates, demographic pressures and pandemic trends kept the housing market boiling as we moved into 2021, according to Zillow.

Monthly appreciation of home values in January matched recent record highs, while annual growth is higher than any time since 2006. Home sales are moving briskly, with homes typically staying on the market for 18 days as of mid-January before the seller has accepted an offer from a buyer — 28 days faster than in 2020 and 2019. For-sale inventory declined again in January, and now stands 26.3% below levels from a year ago.

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