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
Latest news
- So bad it’s good: Why consumers love the worst entertainment
An ASU marketing professor's research investigates why consumers prefer bad movies, video clips…
- Why invest in ASX tech stocks?
An ASU finance expert's research study examines net wealth creation over 90 years.
- Gov. Hobbs vetoes affordable housing bill. Here's where first-time homebuyers can find hope
An ASU real estate expert discusses the complexities of affordable housing solutions in Arizona…