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Labor, material shortages pushing up costs of Phoenix-area homes

Phoenix continues to outpace other cities nationwide when it comes to appreciation of home prices, and it’s not just one factor that’s impacting those prices.

Labor shortages and material prices are hitting new home builders while a lack of inventory on th existing homes side is pushing everything up.

Last month, an S&P CoreLogic Case-Shiller report released regarding Valley home prices during January found the region’s prices up 15.8% compared with a year ago and up 1.2% from December.

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