Metropolitan Statistical Area (MSA):
Sierra Vista-Douglas, AZ is a Metropolitan Statistical Area (MSA) comprising counties including Cochise County.
There is no doubt that the Sierra Vista-Douglas, AZ metropolitan statistical area (MSA) has been one of the hardest hit areas in terms of the housing market crash. However, there are signs that the market is beginning to rebound. Home prices in the MSA have begun to rise, albeit slowly, and sales volume has also increased.
One of the main reasons for this rebound can be attributed to job growth in the area. The unemployment rate in Sierra Vista-Douglas, AZ MSA was 5.4% in April 2015, which is down from 6.8% just one year prior. This decrease in unemployment has led to more people having the financial stability to purchase a home. Additionally, many of those who lost their homes during the foreclosure crisis have now had time to rebuild their credit and are once again able to qualify for a mortgage loan.
Investors have also played a role in the housing market rebound in Sierra Vista-Douglas, AZ MSA. With prices still relatively low, investors have been scooping up properties both for rental purposes and as potential flips. This increased demand has helped push prices higher and will likely continue to do so as we move further into 2015 and beyond.