(The Center Square) – Arizona continues to have problems with housing affordability and supply.

A new quarterly report from Common Sense Institute Arizona says the average home price of $426,164 remains $53,400 more expensive than rates before the COVID-19 pandemic.

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“So housing prices are still very expensive, and of course, we still find ourselves in a very high interest rate, high mortgage rate environment, even despite the (interest) rate cuts that were announced Wednesday from the Federal Reserve,” CSI’s Zachary Milne told The Center Square.

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