Arizona faces a severe housing shortage with a 2025 deficit of nearly 56,000 units and a long-term gap exceeding 110,000 homes. Residential permits dropped 14% in 2025, the slowest since 2019, making it take over 119 years to close the gap at current rates. Home prices fell 2.9% but remain 11.1% above pre-pandemic levels. Only 42% of households can afford average mortgage payments, down from two-thirds in 2019. The state received a "C-" housing grade due to worsening construction and affordability issues.
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