Unprecedented low supply strains housing market

The various colors in this map represent the history of home-building patterns in the Valley for more than 50 years. The deep purple spots indicate future areas for development. (Land Advisors Organization)

By Paul Maryniak | Scottsdale Progress

The inventory of homes for sale in the Valley has reached the lowest levels in modern history, real estate experts say.

And that means that while the few homes that are on the market are drawing multiple offers – sometimes scores of them for one house – anxious buyers may soon be forced to look far from the center of the Phoenix Metro.

During Land Advisors Organization’s annual presentation last month that assessed the state of the Phoenix real estate scene, two experts saw no end to the home buying frenzy or the accelerating upward trend in prices.

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