PHOENIX (AP) — Researchers at Arizona State University say the Phoenix metropolitan area's housing supply is lower than usual, pointing to a possible shortage if demand picks up.
The report by ASU's W.P. Carey School of Business says demand has been low, down from 20 percent from May 2013.
The lack of demand is masking the fact that the market's supply of homes is 10 percent below normal and could lead to a shortage if demand picks up.
Researchers say the median single-family home price has stabilized at just under $205,000 in May, almost unchanged for three months. That's up 11 percent from last year.
Rental homes also continue to be popular alternatives to purchasing and developers are building more multi-family properties to fit demand.