Arizona's housing crisis is only getting worse, experts say

An ASU real estate expert says interest rates and wages must change before the housing market improves.

In this article aired Feb. 29, 2024, on 12 News:

Interest rates have to come down. Wages have to continue to rise. Inventory has to raise substantially for available homes, and we have to have enough change in inventory that the supply and demand effect begins to work and it stabilizes the price of homes.

– Mark Stapp, Fred E. Taylor Professor in Real Estate, executive director of the Master of Real Estate Development program, and director of the Center for Real Estate Theory and Practice