Fast-growing States: Arizona Overtakes Nevada

Texas adds most people overall; Louisiana population declines nearly 5%

Arizona replaced long-time leader Nevada as the fastest growing state in the union during the 12 months ended July 1. The population of the Grand Canyon state grew 3.6 percent during that period. Nevada grew by 3.5 percent.

Rounding out the top five growers were Idaho ( 2.6 percent), Georgia and Texas (both 2.5 percent).

See entire list HERE

Not only is this no surprise, but how can you have a housing bubble with job and demographic growth? Well, so far, in Arizona I say we haven't. Census numbers. Arizona had a population growth rate of 3.6 percent in 2006, adding 213,311 people. That brings the state's population to more than 6.1 million and makes Arizona the nation's 16th largest state. The recent growth pushed Arizona's population past two statistical milestones: the state's population exceeding 6 million people, and adding more than 1 million residents since 2000. During that time span, 541,283 people moved here from other states!

And, nationwide, with the population expected to grow from the very recent 300 million to 400 million by 2035, it's unlikely demand for housing will stay cool for very long.

2006 housing market shows signs of stability in inventory, demand, from the Arizona Republic reports that Scottsdale homeowners should find comfort that the bottom didn't drop out of the market and that home prices are relatively stable during 2006, and that there was no bubble bursting. Sales of existing homes in Scottsdale are on track to reach about 5,200 in 2006, down nearly 40% from last year's torrid pace. But the average monthly median home price this year is just shy of the median price of $595,000 from November 2005, evidence of the Northeast Valley market's stability, according to figures from the Arizona Real Estate Center at ASU. "The big picture thing is that sales activity has returned to normal and prices have held," said Karl Stauffer, manager of Diamond GMAC Realty in Scottsdale. "The big fear was that prices would drop off the edge of the world." Scottsdale's inventory of existing homes priced under $1 million has dropped 9.5 percent since late September, said Stauffer. "It's getting back to supply and demand," he said, adding that the market is absorbing the oversupply of new houses and that will help the resale market.

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