Summer housing market pattern shifts to favor buyers less frequently

For years, Phoenix homebuyers could rely on a familiar housing market cycle: it heats up in the spring, slows in the summer, kicks up again in the fall. However, as inventory remains limited and affordability pressures continue, homebuyers no longer have the same leverage as they did in the past.

Professor Mark Stapp with the W. P. Carey School of Business at ASU joined “Arizona Horizon” to discuss how population growth, job creation, migration, construction costs and a persistent housing shortage have changed the old seasonal pattern.