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Phoenix has been the newest fire market in the West. Investors have been flocking there, following surges in population and job growth and a diversifying economy—and it has been expected to have a long runway, thanks to a late-cycle recovery. However, single-family home sales declined in the fourth quarter 2018, causing some concern about the market. According to research from Land Advisors Organization, home sales in 4Q18 were down 3.6% compared to 2017.

“In Phoenix, the primary catalyst when it came to decreased home sales in Q4 of 2018 was two-pronged: The first was unattractive interest rates, and the second was speculative national press attention, which always impacts home buyers’ psychology. However, to contrast we have seen a strong Q1 to date,” Greg Vogel, founder of Land Advisors Organization, tells GlobeSt.com.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance writer and editor living in Los Angeles whose work has appeared in such publications as Travel + Leisure, Angeleno and Los Angeles Magazine.

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