ARIZONA NEWS

Concern for buyers getting priced out as Phoenix home prices break records

Jul 29, 2021, 4:45 AM | Updated: 12:21 pm
(File photo by Joe Raedle/Getty Images)...
(File photo by Joe Raedle/Getty Images)
(File photo by Joe Raedle/Getty Images)

PHOENIX – Phoenix home prices have risen faster than any other metro area in the country for 24 straight months, according to the Case-Shiller Index, as experts worry buyers are being priced out of the housing market.

The home trend seen in the Valley has broken a record streak set by Portland, Oregon, from 1990 to 1992.

Phoenix has led the country in home prices with a 31% year-over-year price increase, according to the Home Builders Association of Central Arizona (HBACA).

This type of outperformance relative to the rest of the country is exceedingly rare.

But what continues to increase these prices?

“We’re seeing this being driven by an increase in demand from younger buyers entering the market for the first time, and more so, people moving to Arizona from out of state,” Jackson Moll, vice president of municipal affairs of the Home Builders Association of Central Arizona, told KTAR News 92.3 FM on Wednesday.

“Quite simply, supply just can’t keep up.”

The median existing home price in Phoenix today is reported to be around $400,000, Moll says.

The Home Builders Association of Central Arizona is concerned with how fast buyers are being priced out of the housing market in the Valley.

As an industry, the HBACA is said to be spending time with policymakers to ensure that Arizona is prioritizing policies that allow builders to satisfy the demand for more affordable products and ensure the approval processes are as efficient as possible.

Lifetime Windows & Doors

We want to hear from you.

Have a story idea or tip? Pass it along to the KTAR News team here.

Arizona News

Katie Hobbs speaks to supporters at a campaign rally on Nov. 6, 2022, in Tucson. (Photo by John Moo...
KTAR.com

Gov.-elect Katie Hobbs, Arizona’s other winners to be inaugurated Jan. 5

Gov.-elect Katie Hobbs will become Arizona's first Democratic governor in 14 years when she is inaugurated in a Jan. 5 ceremony.
12 hours ago
(Arizona Humane Society Photo)...
KTAR.com

5 metro Phoenix animal shelters participating in 10-day reduced fee adoption event

Five metro Phoenix animal shelters are taking part in Bissell Pet Foundation's 10-day reduced fee adoption event.
12 hours ago
Montel Alexander (Maricopa County Sheriff's Office Photo)...
KTAR.com

Man accused of killing ex-girlfriend in Phoenix after threatening her family

A suspected Phoenix gang member is accused of killing his ex-girlfriend after threatening her family and kidnapping a friend while trying to find her.
12 hours ago
(Facebook Photo/Senator Mark Kelly)...
KTAR.com

Arizona Sen. Mark Kelly wants answers on how DHS will handle end of Title 42

U.S. Sen. Mark Kelly said he's expecting to hear back from Homeland Security soon addressing continuing issues about the impending termination of Title 42 border-crossing restrictions.
12 hours ago
Activists in this file photo rally outside the Arizona Capitol in June, 2022, after the U.S. Suprem...
Haley Smilow | Cronkite News

Judges grill both sides in hearing about Arizona abortion laws

Arizona Court of Appeals judges quizzed attorneys Wednesday as they tried to figure out how, or if, they can square competing abortion laws.
12 hours ago
(Facebook Photo/Arizona State University Police Department)...
KTAR.com

Suspect in custody after shots fired on ASU campus in Tempe

One person is in custody after shots were fired on the grounds of Arizona State University in Tempe early Thursday, campus police said.
12 hours ago

Sponsored Articles

...
Day & Night Air Conditioning, Heating and Plumbing

Prep the plumbing in your home just in time for the holidays

With the holidays approaching, it's important to know when your home is in need of heating and plumbing updates before more guests start to come around.
...
SCHWARTZ LASER EYE CENTER

Key dates for Arizona sports fans to look forward to this fall

Fall brings new beginnings in different ways for Arizona’s professional sports teams like the Cardinals and Coyotes.
...
Day & Night Air Conditioning, Heating and Plumbing

Ways to prevent clogged drains and what to do if you’re too late

While there are a variety of ways to prevent clogged drains, it's equally as important to know what to do when you're already too late.
Concern for buyers getting priced out as Phoenix home prices break records