In an earlier blog, Housing Inventories Low, I related how less homes are for sale nationwide. As to the metro Phoenix market, Michael Orr of the Cromford Report explained that “[t]he current situation is remarkable. The lack of supply can only be described as shocking. A 30% decline since [December 2018] to reach the lowest level since August 2005. This to satisfy a population that has grown more than 20% since 2005. Anyone who thinks this severe shortage will not result in a significant rise in prices is going to have another thought coming soon . . . Demand is likely to remain healthy despite the rising prices.” So buy now as homes are only going to be harder to find and more expensive in the Valley of the Sun.
