PHOENIX — For many Arizonans and thousands who are migrating to the state, the pursuit of real estate has never been more competitive.
In a weeklong special report, “Arizona’s Rising Real Estate,” KTAR News 92.3 FM reporters chronicled the various effects the market has had on buyers, sellers, renters, professionals in the industry and others.
Here are series highlights that show some of the many ways real estate has become a hot topic in Arizona:
Valley real estate is at the top of the hill with no end in sight
Valley home prices are up by approximately 18% from May of 2020, when the COVID-19 pandemic took a foothold in Arizona, according to Elliott Pollack with Elliott D. Pollack & Company.
According to the real estate consultant, Arizona is down to an eight-day supply of housing when it’s usually a six-month supply. That is the lowest inventory he has ever seen.
Jordan Rose, founder and president of Rose Law Group, helps homebuilders process applications for things like zoning and land use in cities across Arizona.
“I would say that 95% of them at this point in time are welcoming the growth and removing red tape,” Rose said about municipalities. “Elected officials are filtering that message down to their staff and their management and saying, ‘Let’s figure out how to say yes, not no, and work on that with the developer as a partner.’”