Phoenix area real estate: Are we headed for another bust?
Valley home prices have gone up nearly 8% over the past year and they’re expected to keep rising through the next year. Mark Stapp, Fred E. Taylor Professor in Real Estate and executive director of the Master of Real Estate Development program shares whether it's a good thing.
The downside to the Valley's growth according to Mark Stapp, Fred E. Taylor Professor in Real Estate and executive director of the Master of Real Estate Development program, is that there is a shortage of skilled labor in the construction industry, along with an increase of material and construction costs.
In a story published April 18, 2019, on azfamily.com:
It makes building affordable units much more difficult. That's what is causing these prices to rise. It's not a bubble as a result of inventory. We're not overbuilding. I think the problem we're having is we aren't building enough, and because of that, we have an affordability issue that is emerging.
– Mark Stapp, Fred E. Taylor Professor in Real Estate and executive director of the Master of Real Estate Development program
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