A Phoenix home with 95 bids is just one example of a housing market entering a new and unprecedented phase. Experts at Arizona State University School of Business say Phoenix is headed for a major housing shortage.
Long gone are the days when Phoenix was riddled with available, well-built single-family homes in the wake of the 2008 housing market bust.
Five years after the crash, the desert metro is facing lagging home construction, predictions of population growth and rising land prices, according to real estate experts with ASU.
The end result could be a significant housing shortage in the near future, experts contend.