Supply chain problems could impact Valley housing shortage for years

Supply shortages to the amount of people moving to Maricopa County per day, these are just a few reasons why housing is coming up short.
Published: Apr. 6, 2022 at 6:55 AM MST
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PHOENIX (3TV/CBS 5) -- If you drive around the Valley, you will see a lot of construction sites. Crews are busy putting up big new apartment complexes and housing developments. Seeing all of this construction may have you thinking we have plenty of home options, but that is not the case.

Inventory is low despite all the work to build new places to live, and the supply chain problems are slowing down how fast crews can complete projects. Combine that with about 300 people moving to Maricopa County per day, and it’s how you end up in a very competitive market.

All the new buildings you see are not keeping up with demand. Rentals or homes for sale can be hard to find and purchase. Prices are also rising by hundreds of dollars per month for rent or tens of thousands to buy a new home.

“We’re just seeing a ton of people moving here from all across the country, and one of the big reasons is the job market is so strong. However, we’re getting the influx of people, and we’re not able to keep up with that whether renting or purchasing a home,” said Shelley Sakala, who is a realtor with My Home Group.

Sakala says the market will eventually bounce back, but these construction projects need to move along faster, and more need to get started. She expects this issue to stick around for the next couple of years. It’ll be competitive for anyone looking to buy or rent. It’s a seller’s market.