Yesterday, The Arizona Daily Star had an article about the economic optimism is in the air for the Tucson, AZ economy. We were pleasantly surprised that, on the same day, the Wall Street Journal decided to run a front page story titled,“Housing Recovery Picks Up Steam” (article available to WSJ subscribers).
The economic optimism for Tucson coupled with the housing market picking up steam is great news for Tucson!
The first paragraph of the article says it best:
“Home prices are back to near-record highs across the U.S. amid rising demand and supply constraints, a sign that the lopsided housing-market recovery of the past five years is gaining some strength.” (emphasis added).
What about the struggles in the economy?
Some openly question how the real estate market can be gaining ground if the overall economy is still struggling. According to the WSJ, it is:
“Despite the unbalanced recovery, Federal Reserve officials have seen housing as a bright spot for the U.S. economy in recent years. Residential construction has contributed to overall economic output for eight straight quarters, expanding at a 17% annual rate in a first quarter marked by slow growth in other sectors.”
Bottom Line
The housing market is gaining strength and all indicators point to an even stronger real estate market moving forward.
