After years of playing catch-up on homebuilding, the Valley is getting closer to meeting the demand of people moving here, a new Axios analysis of U.S. Census data shows.

Why it matters: Economists and real estate analysts blame a housing shortage for the dramatic spike in home prices and rents in the late 2010s and early 2020s.

Driving the news: The number of housing units in metro Phoenix increased by 16.4% between 2014 and 2024, while the population grew by 15.5%, per U.S. Census Bureau data.

• Before 2022, population growth exceeded housing growth.

Caveat: Mark Stapp, executive director of the Master of Real Estate Development program at Arizona State University, told Axios that the increase between 2022 and 2024 was the result of multifamily construction, which has since slowed.

Threat level: He told us he predicts the Valley will be back to population growth significantly outpacing housing growth by the end of next year.

Catch up quick: Home and apartment building in the Valley all but stopped after the 2008 housing crash and didn't start again until about 2016.

• Meanwhile, metro Phoenix became one of the most popular relocation destinations in the country, setting up a supply-and-demand conundrum that led to pricier housing.

Reality check: While a housing shortage may have caused the dramatic price spike, don't expect metro Phoenix prices to drop just because there's more inventory.

• The region was already behind on supply in 2014, so while the building boom may have halted the runaway prices, it's not enough to seriously lower home values.

Between the lines: High mortgage rates over the last few years have also depressed supply in Phoenix.

• If you're a homeowner with an older mortgage locked in at 3% or so, the idea of moving into a new home at double that rate or more isn't exactly attractive.

Stunning stat: Over the last five years, one in six prospective U.S. homebuyers has given up because they couldn't find a house they liked or could afford, a recent Bankrate survey found.

Tell a market watcher

The Phoenix Mercury staged a triumphant, fourth-quarter comeback in Game 3 of the WNBA Finals against the Las Vegas Aces, but lost 90-88 in the final seconds.

What's next: The Mercury must win Friday to stop the Aces' sweep and keep their Finals run alive.

What we're watching: Mercury forward Satou Sabally exited the game in the fourth quarter after a collision sent her face-first into the knee of Ace forward Kierstan Bell.

• Coach Nate Tibbetts did not provide a post-game update on Sabally but said he suspects she has a head or face injury, The Arizona Republic reported.

🗳️ Arizona Gov. Katie Hobbs officially launched her reelection campaign yesterday. (AP)

✈️ Phoenix Sky Harbor has seen some flight delays and slightly longer TSA security lines during the federal government shutdown. Impacts could mount if the shutdown persists, officials said. (AZcentral)

• Other transit hubs, including Hollywood Burbank Airport, have seen much more significant issues. Check your arrival airport if you're traveling.

👀 Arizona's U.S. Sens. Mark Kelly and Ruben Gallego got into a heated debate with U.S. House Speaker Mike Johnson over the government shutdown and Johnson's failing to swear in U.S. Rep.-elect Adelita Grijalva. (NBC News)

🏈 Cardinals quarterback Kyler Murray did not practice yesterday because of a foot injury sustained during last Sunday's painful loss to the Tennessee Titans. The team has not announced whether he'll be able to play during this Sunday's matchup against the Indianapolis Colts. (New York Times)

⚡ Electric vehicle maker Rivian is proposing a high-tech auto repair shop in Scottsdale near Loop 101 and Bell Road. The City Council must approve a zoning change for the company to move forward. (Phoenix Business Journal)

Need some thrills to kick-start your Halloween spirit? The Valley is ready to scare the bejesus out of you:

🧟 Haunted houses

Apocalypse Rawhide: Assume the role of a deputy sheriff and make your way through a zombie-infested Western town with "realistic laser shotguns."

• Where, when: Chandler; through Nov. 1

Fear Farm: Arizona's legendary fright farm moved locations but kept the hair-raising horror.

• Where, when: Scottsdale; through Nov. 2

Scarizona Scaregrounds: New attractions include a haunted ICU and total darkness experience.

• Where, when: Mesa; through Nov. 1

👻 Ghost Tours

Hotel San Carlos: Guests of this 97-year-old hotel claim they've seen spooky spirits roaming the rooms. Go see for yourself with a late-night tour.

• Where, when: Downtown Phoenix; Saturdays through December

Orpheum Theatre: Go behind the curtain to learn about the Orpheum's mysterious past.

• Where, when: Downtown Phoenix; Oct. 17–18, 25 and 31

More fall fun