PHOENIX – Despite a slight weakening in housing demand and a slight increase in housing supply, house price growth in the metropolis of Phoenix continues to top the nation with a price increase of 25.9% according to the S&P CoreLogic Case-Shiller US National Home Price NSA Index year-on-year in May, followed by San Diego with 24.7% and Seattle with 23.4% at a time when the national growth of 16.6% reached a record high. Housing supply was still very limited throughout the valley, said Thomas Brophy [bizjournals.com]Maintaining under a 2-month supply since May 2020, Brophy said “Anything under 3 months shows the -., Research Director for Colliers International.As of late June, the Arizona Regional Multiple Listing Service current tied for inventory sale at 1.05 months Market is suffering from a shortage of stocks, “he said. “The bottlenecks will most likely continue for the rest of the year and early next year as home builders continue to ramp up production.” Read more of this story in the Phoenix Business Journal.
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