It’s been a hot summer in Arizona — in more ways than one. The housing market has been anything but predictable this year.We have the lowest inventory in history which means the demand is outpacing the supply, causing a spike in housing prices for those buyers who are tired of waiting for interest rates to decrease. Recently, Phoenix landed on a list that is shedding some light on the luxury home market in the Valley.A recent report published by Point2, which studies housing and real estate trends, placed Phoenix at No. 13 for the top cities with listings over $1 million. So, what is causing this trend in the metro area?Supply and demandThe triple digits in Phoenix and rising interest rates have done nothing to deter those looking to buy a home. Even with the most recent federal rate hike that went into effect in late July, which nudged the federal funds rate to a range of 5.25% to 5. …
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