The number of housing units is finally outpacing population growth, offering hope for more stable rent and home prices.
Over the past decade, the Valley’s housing units grew 16.5% while population increased 15.5% — a narrow but significant shift from pre-pandemic trends when population growth consistently outpaced housing by up to 4 percentage points.
Phoenix now ranks third nationally among major metros for the smallest gap between housing supply and population growth. If this trend continues, Arizona could see real relief in housing costs…