An estimated $14 billion in new homes and apartments were added in the first three months of the year.
A number of Arizona realtors say they have seen a spike in the demand for housing, and that a glut of available homes has prompted the industry to ramp up efforts to fill the void.
“We have seen an explosion of demand in Arizona,” said Todd Goss, a regional realtor in Phoenix who is an owner of the Arizona Real Estate Association.
“It is really a very, very large market and it is not that new.
I think it is just a great time to start thinking about the next five years and the next 15 years.”
Goss said the glut of housing, particularly in Phoenix, has prompted him to hire more employees to better keep up with the demand.
Realtors have said that the high demand for new homes in Arizona and in many other parts of the country has led to a sharp increase in sales and prices for apartments.
But some economists say the rush of buyers has not been enough to help the economy.
Many of the people who purchased properties in Phoenix in 2016 have already been displaced by a housing downturn that has devastated the state, which has seen nearly a 40% increase in the number of residents who have lost their homes, according to the U.S. Census Bureau.
A number of states are struggling with a shortage of homes.
California’s shortage of housing is more acute than the nation as a whole, but many cities, such as San Francisco and Seattle, have reported more people displaced than lost their housing.
In Phoenix, the housing shortage has led many buyers to seek out rental properties outside the city limits.
But some people say that the shortage is simply a sign of the market’s fragility.
The housing boom in Arizona has also led to increased speculation about where to buy, said Mark Zukerberg, chief executive of real estate website Trulia.
There is speculation on the Internet that there are lots of empty houses in Phoenix.
It has been a good year for buyers, but there has been no way to buy the housing in the market, Zukrberg said.
And people are going to be disappointed if they see prices rise, he said.
For example, if the price of a new home in Phoenix was $150,000, the median selling price in January was $1.7 million, according the Trulia report.
The Trulia reports show a large amount of speculation in Arizona, and people are worried about their homes.
Last year, more than a third of homes in the state went for $100,000 or more.
People are thinking about other places in Arizona where they can afford to buy homes, said Goss.
“I would say the market is not healthy, but it is a lot of fun to be part of.”
While the economy is booming, many people say the real estate industry is still a small part of the overall economy, and it’s not clear how much of a dent it is making.
Even as the economy has boomed, the Arizona economy has been in a tailspin.
The state has lost more than 2 million jobs in the last five years.
According to the Bureau of Labor Statistics, Arizona lost 8,000 manufacturing jobs last year, the biggest drop in any state.
Arizona’s unemployment rate, at 6.2%, is one of the highest in the country.
Arizona is in the middle of the worst drought in recent memory, with more than 4 inches of rain falling in some areas, and temperatures have plummeted in parts of Phoenix.