Phoenix Real Estate Hotter Than New York

Along with Las Vegas, Nevada, Naples, Florida and Bakersfield, California, Phoenix real estate is supplanting that of huge markets like Los Angeles, New York and Boston.

Speculators are turning to more affordable Phoenix real estate because the prices of housing in "more established cities" are entirely too expensive and there is little to no land available for construction. And in a move geared toward avoiding the housing bubbles of lager cities home buyers are choosing Phoenix real estate.

This increased interest has put Arizona in the number 7 slot on the Office of Federal Housing Enterprise Oversight´s list of Top 20 states in house-price gains, as of March 31. Any local broker will tell you that the Phoenix real estate market reflects Arizona´s overall market strength and 19.4% price increase.