Housing experts are concerned about affordability

An ASU economist says buyers could be priced out of the market but expects home price increases to slow as construction continues to provide new supply — making homes more affordable.

An ASU economist says buyers could be priced out of the market but expects home price increases to slow as construction continues to provide new supply — making homes more affordable.

In this story published Jan. 4, 2022, in the Daily Independent:

Phoenix home prices were up 33% year over year in the most recent Case-Schiller report, causing concerns about affordability. We should recognize that home prices are rising in most other metro areas as well, although not at this same pace. But in spite of rapid increases, Phoenix housing is still competitive compared to California overall and many nearby metro areas. According to Zillow (October 2021) Phoenix home price sales average $474,993, but Denver was $619,967 and Austin was $526,583.

– Lee McPheters, research professor of economics and the director of the JPMorgan Chase Economic Outlook Center