Phoenix and Tucson housing market analysis from Elliott Pollack:
The economic fundamentals that have allowed Greater Phoenix to prosper have not changed.
Our long term forecast remains positive.
Note this slide:
That’s ostensibly bad news, since our affordability is down substantially over the last 6 years. But what’s interesting to me is that the cities Phoenix drains population from are all substantially less affordable. That doesn’t mean things will necessarily go well here, but it tends to argue that they will be worse there.
Pollack’s estimate is that we have about two years to absorb excess inventory in greater Phoenix.
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