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Arizona Inflation Still Red Hot

AZ Inflation still Red hot

Inflation in Arizona is still red hot and well above the national average.

Skyrocketing house prices have driven inflation in Phoenix well above the national average. They have also pushed housing affordability to very low levels in the third quarter of 2022. According to data from the NAHB-Wells Fargo Housing Opportunity Index, 22.5% of homes sold in the Phoenix MSA in the third quarter were affordable to a family making the median income. That was up slightly from 22.3% in the second quarter, but well below the national average of 42.2% and miles below Phoenix affordability in the fourth quarter of 2019 (64.9%).

Arizona’s Economy Buffeted by Shifting Winds By George W. Hammond, Ph.D., Director and Research Professor, EBRC