A local housing research expert says a number of factors led to the current state of the metro Phoenix housing market as national home price growth continues to climb.
Thomas Brophy, national research director at Colliers in Phoenix, said the current housing market inventory is “just above” a one-month supply and he doesn’t expect prices to level off until Phoenix reaches a more normal supply of three months of inventory.
According to a published report, home price growth in the U.S. soared to new highs in July.
