Arizona's housing market is heating up. Is an affordability crisis looming?

Real estate sales in the Phoenix area this summer hit a record not seen since 2007. An ASU real estate expert says many factors are leading to this boom.

Real estate sales in the Phoenix area this summer hit a record not seen since 2007. An ASU real estate expert says many factors are leading to this boom.

In this story published Aug. 23, 2020, on KJZZ:

The interest rate reduction has obviously helped substantially — I think we have been a net benefactor of people’s behavioral changes related to COVID, they’re wanting to move out of more dense places. You take all of that and a really low inventory, and you're going to see exactly what's happening now, and that is pushing prices up.

– Mark Stapp, executive director of the Master of Real Estate Development program and Fred E. Taylor Professor in Real Estate