Conditions for Arizona’s home buyers are – arguably – more difficult today than they’ve ever been. Interest rates on a new 30-year mortgage loan are over 7%, which is higher than they’ve been since 2001.
SB 1161, SB 1163, and HB 2536 would make various changes to Arizona’s home permitting and zoning regulatory environment, enabling developers and builders to increase the pace of home construction relative to current law.
The U.S. and Arizona housing markets are in the midst of a sharp correction – the first since the Great Recession. Prices peaked in June and have fallen over 3% through September. Ongoing rising interest rate pressures, a collapse in buyer interest, and lags in the construction and permit approval cycle will likely put continued downward pressure on prices over the next 6-12 months.