Despite rising prices and mortgage rates, the Valley’s red-hot housing market won’t be crashing in 2022, panelists from the Phoenix Business Journal’s recent residential real estate panel said.
Job growth in metro Phoenix is one factor that will keep the housing bubble from bursting, said Alan Jones, panelist and Phoenix division president for Miami-based Lennar Homes Corp. (NYSE: LEN).
“Two years ago, you had predictions by Moody’s that said we’d have 20,000 jobs being created in the Phoenix marketplace,” Jones said. “Moody’s today is predicting over 100,000 jobs being created just this year in the Phoenix marketplace. So with the number of jobs and the lack of supply that exists in our marketplace and the quality of life that is here and the desirability of people moving here, unless there’s something catastrophic, I just don’t see that happening.”
Kaylee Smith, panelist and Arizona division president for Newport Beach, California-based Landsea Homes Corp. (Nasdaq: LSEA), agreed, saying droves of people are still moving to the Valley.