Arizona's housing market remains competitive, with home prices rising 3.6% year over year, reaching a median of $451,500. Despite a 6.2% decrease in homes sold, the number of available homes increased by 21.6%. Migration trends continue to boost demand, particularly in cities like Phoenix and Tucson, which are expected to see steady growth. However, rising costs and stagnant wages are making housing less affordable for many residents, with significant portions of the population facing cost burdens.
Continue to full article