Charted: Phoenix's endless housing supply problem

Phoenix was short about 120,000 homes as of 2022, and the Valley has barely made a dent in its supply problem since then, according to building permit data.

Why it matters: Housing affordability largely boils down to supply and demand. When buyers return to the market, there won't be enough homes to meet the demand and prices are expected to climb.

The intrigue: High interest rates have impacted home and apartment builders, too, as they face higher costs for construction loans, according to the National Association of Home Builders.