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.
Housing prices are frequently at the forefront of policy discussions because they impact so many other aspects of the economy. On this episode of Common Sense Digest, Host and Chairman Earl Wright welcomes CSI Arizona’s Director of Policy & Research Glenn Farley, CSI’s Senior Economist Steven Byers to discuss the housing markets in Arizona and Colorado, respectively.