Phoenix has seen significant population growth, particularly from 2010-2020, establishing itself as the fifth-largest city in the U.S. The pandemic catalyzed a housing market surge, with home prices increasing 167% from January 2020 to May 2022. However, an influx of new housing limited unsustainable price hikes, leading to a recent cooling trend. Yet, rising temperatures and extreme heat have started to push some residents away. Conversely, the luxury housing sector remains robust, attracting upscale buyers in search of opulent desert living despite climate concerns.
A quickly warming climate with months of 100° temperatures is becoming unbearable for some residents, contributing to a population decline amidst continued luxury property sales.
From January 2020 to May 2022, Phoenix home prices soared by 167% as demand surged, yet a healthy new housing supply helped stabilize and cool the market.
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