ARIZONA NEWS

Gov. Ducey expects rising housing prices in Arizona to level out over time

Feb 4, 2022, 4:35 AM
(AP Photo/Rogelio V. Solis)...
(AP Photo/Rogelio V. Solis)
(AP Photo/Rogelio V. Solis)

PHOENIX — Gov. Doug Ducey believes it’s only a matter of time until Arizona’s leading housing prices, which have topped the nation for 30 straight months, level out.

The latest S&P CoreLogic Case-Shiller National Home Price Index showed Phoenix with the highest year-over-year gains among 20 cities in November, with an increase of 32.2%.

“I do think what we’re doing from the state level working with federal programs on affordable housing acts will resolve this [issue] over the course of time,” Ducey told KTAR News 92.3 FM’s Arizona’s Morning News on Thursday.

State Representatives Steve Kaiser, a Republican, and César Chávez, a Democrat, introduced legislation this week would address the state’s housing shortfall and rising housing costs that have become burdensome for many Arizona residents.

Kaiser said it is estimated that 270,000 additional housing units need to be constructed in Arizona to keep up with demand.

Ducey said the state is making the proper investments to combat the issue.

“Part of this is building more supply and it’s also building more affordable housing and supply in terms of of apartments,” Ducey said.

Ducey called the issue a “double-edged sword,” noting that the state isn’t facing the same issues it was a decade ago.

Rents in Phoenix surged nearly 28% in the last year, according to the data research firm Apartment List.

The firm reported that median rents in Phoenix last month stood at $1,217 for a one-bedroom apartment and $1,486 for a two-bedroom.

“It’s much better than being trapped in your house and it’s not a bubble like it was in 2009,” Ducey said. “This is a true supply and demand situation.”

The Associated Press contributed to this report.

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Gov. Ducey expects rising housing prices in Arizona to level out over time