In Arizona, and especially within the Phoenix metropolitan area, the dream of homeownership is increasingly out of reach for many.The latest report from the Common Sense Institute Arizona paints a sobering picture: a persistent housing shortage, exacerbated by high interest rates and high prices, is making it difficult for Arizonans to buy homes. The Homebuyers Misery Index is our attempt to capture this fact visually, and the lines are stark: conditions have never been more miserable for homebuyers, dwarfing even the peak of the “housing bubble” back in 2008.The crux of the issue lies in the mismatch between supply and demand. Rising rates have reduced demand, stopping runaway price increases. But supply remains low, too, which is stymieing any hope for prices to moderate. Reluctance by existing homeowners to sell or trade up is esp …
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