Arizona’s housing shortfall, supply challenges persist

By Queen Creek Sun Times

The Common Sense Institute (CSI) has released its latest Quarterly Housing Report, shedding light on the evolving landscape of Arizona’s housing market.

While the report brings some positive news, including a reduction in the state’s housing shortfall from nearly 100,000 units in 2020 to approximately 67,000 units in early 2024, it also highlights significant ongoing challenges.

Despite improvements in vacancy rates and permitting, Arizona’s housing market continues to struggle with a mismatch between supply and demand. The report emphasizes a particular concern: four of Arizona’s 15 counties are not issuing enough building permits to keep pace with projected household growth, risking permanent shortfalls in housing supply.

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March 26, 2024

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