Eller's George Hammond Talks U.S. Home Price Surge with Bloomberg
Sept. 20, 2021
Eller’s Economic and Business Research Center director and research professor, George Hammond, was a featured expert in a recent Bloomberg article discussing the largest home price surge seen in the U.S. in three decades.
June marked the 25th consecutive month that Phoenix metro home price increases have been the largest in the nation (S&P CoreLogic Case-Shiller Index), and the size of these increases have been staggering. Phoenix home prices grew at an annual rate of 29.3% in June.
When asked why home prices are rising so fast in Phoenix, Hammond said “Arizona is an attractive place for migrants given the climate and cost of living,” and pointed out that, as more workers are able to work remotely and have geographical flexibility, Arizona cities offer a great deal.
Hammond joined the Economic and Business Research Center (EBRC) in the Eller College of Management in 2012. An expert in regional economic forecasting, he produces economic forecasts for Arizona, Phoenix and Tucson metro areas each quarter. In addition to spearheading economic forecasting at the EBRC, Hammond is also a research professor with academic research interests focusing on the determinants of local economic growth in the U.S., the impact of state and local policies on economic growth and the contribution of higher education to local workforce development.