New report says housing prices, supply on the rise in Phoenix area
A new report from ASU’s W.P. Carey School of Business finds that home prices in the
ASU’s Mike Orr said while new housing construction is on the rise, the demand for homes right now is greater than the supply.
“Overall demand for housing is strong, but of course, it’s easier to build a house way out a long way from the center of
Orr also said housing construction is not meeting current demand, and that builders are short of some critical elements: “Probably the most important being the tradespeople who actually specialize in the skills you need to put a house together. We’re very short of plumbers, roofers, painters, framers, concrete layers: all those disciplines, we’ve really lost a lot of jobs over the last four years.”
Orr said while an increase in housing construction can cause worry, some of us are overly inclined to expect a real estate bubble.