First of all, interest rates are expected to continue to rise. Plus inflation may also come back long term. And more unfavorable laws that reduce the advantages of buying could be enacted (minor tax law changes already came into effect 1/1/18). If so, buying a home and financing it with low rates allows you to pay back an appreciating asset (due to inflation) at today’s prices and with cheap money. When real estate was down, people flocked to stocks. People aren’t as enamored with stocks now, and because Phoenix area home prices are still reasonable compared with the rest of the county, it makes sense to invest in real estate here sooner than later.