The number of homes valued at $1 million or more has reached an all-time high, driven by soaring home prices and a persistent housing shortage. While this benefits homeowners and sellers, it poses challenges for prospective buyers, especially first-time homebuyers. This article explores the factors behind this trend and its impact on the real estate market.
A newly signed housing bill in Arizona aims to tackle both housing shortages and vacant commercial buildings in the Phoenix metropolitan area. The bill allows developers to convert or demolish a portion of commercial buildings for residential use without going through the rezoning process, saving time in the construction process. Starting in 2025, cities with over 150,000 residents must allow for up to 10% of economically obsolete commercial real estate to be repurposed for housing, with a designated percentage set aside for affordable housing.
