PHOENIX – Housing has become a contentious issue in the Valley, with buyers and renters of all ages getting left behind as affordable options dried up.
How did the metro Phoenix housing market get to where it stands today?
Experts trace the current conditions back to the COVID-19 pandemic, which ended up exacerbating income inequality.
When mortgage rates fell to 3% or lower in late 2020/early 2021, there was a buying frenzy, according to Tina Tamboer of the Cromford Report, which tracks the state of the Greater Phoenix residential real estate market.
“It’s as if the market had been pinched like a hose and all that pressure built up,” Tamboer said. “And then when things reopened, we just saw the demand explode.”
How home-flipping companies roiled the Phoenix housing market
Large-scale buye …
See the full Home Prices article, or, read more Arizona real estate investing news. Go ahead. You know you want to.
