By Lauren Marshall | AZBigMedia
Arizona’s housing market is getting more competitive leaving those at the lower end of the market struggling to compete, and many developers opting to build luxury homes and projects instead.
A new study from the National Association of Realtors shows that sales for cheap housing options are decreasing while luxury housing sales have increased by 20 percent during the month of July.
Mark Stapp, a real estate professor at Arizona State University’s W.P. Carey School of Business, said these trends are due to extremely low inventory in Arizona’s housing market.
“The market is extremely tight right now, more than it’s ever been,” Stapp said.
