Dive summary:
- Recent memory of stories about Phoenix brings a picture of a region that soared during the housing boom, then crashed and left a wake of unsold and unoccupied homes, but it appears that we are now looking at that Phoenix in a mirror.
- Real estate analysts at Arizona State University's W.P. Carey School of Business say the area's population is growing fast again and the inventory of homes left from the recession is an insufficient supply.
- They say that Phoenix has less than half of its normal backlog of homes for sale, and the supply of houses priced under $200,000 have gone down 74% in the two years ending last January.
From the article:
"After five years of very low construction volumes, we don't have enough homes to match the rate of population increase," said Mike Orr, director of ASU’s Center for Real Estate Theory and Practice. ...
