Spotlight on Phoenix inflation and migration

By Ali Wolf | Builder

Exploring data on a local level shows metros with abnormally high inflation are spread across the U.S. in areas with elevated migration but also in markets where relocation activity has been slower.
By Ali Wolf

Inflation, or the general upward movement in prices of goods and services in an economy, is a core issue today.

The most recent national data reported by the Bureau of Labor Statistics (BLS) shows inflation is still up 6.4% compared with last year. This is down from the 2022 annual average of 8% and supports the idea that inflation is likely past peak but still unhealthily high. While the data is generally trending in the right direction, inflation levels need to get closer to the Federal Reserve’s target of an average of 2%.

In housing, we often say there is no national market. Rather, the national trends are just a roll-up of local markets, all of which have different drivers and nuances. Inflation is the same. While inflation can be, and is, reported nationally, there are clear differences by market that are worth exploring.


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March 2023