Arizona State University

Mark Stapp

The Show's Out of Reach series is tackling the current housing crisis in our community.

After watching housing prices go up in the Phoenix area for the last two years, the burning hot market here is finally starting to cool off. The Arizona Republic reports average housing costs here dropped significantly in June and are expected to drop by another $25,000 when July numbers come out.

At the same time, a new report from Pew Research Center shows that investors are playing an outsized role in our market in Arizona, buying up a third of single family homes sold here last year.

To learn about the current market, The Show spoke with Arizona State University real estate expert Mark Stapp.

More stories from the Out of Reach series

• Out of Reach: Axios report finds cities where homeownership by people of color thrives
• Out of Reach: Some think shopping centers could help Arizona's housing problem