Here’s what Valley economists say about possible Phoenix housing market plunge

By Kevin Stone | KTAR

PHOENIX – Local economists are saying a recent report projecting a 2008-like plunge in the Phoenix housing market is no reason to panic.

The New York Post reported Tuesday that Goldman Sachs warned clients that the Phoenix; Austin, Texas; San Jose, California; and San Diego markets “will likely grapple with peak-to-trough declines of over 25%” in 2023.

However, Jim Rounds of Tempe-based Rounds Consulting Group said “the economic fundamentals are completely different now” than they were in 2008, when home prices fell 27% nationwide, sparking the Great Recession.

“We’re going to continue to have growth,” he told KTAR News 92.3 FM.

“We’re doing a great job adding employment opportunities for people, and so I’m not nearly as worried. So, ignore that report for now [and] expect home prices to come down a little bit more slowly.”

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