Phoenix, one of the hardest-hit metros in the housing crisis, is seeing housing roar back thanks to an uptick in jobs and a streamlined foreclosure process that has curbed its shadow inventory.

But developers are not building enough lower-end homes to satisfy demand. Post-crisis, luxury homes — those that go for millions of dollars — now make up 21 percent of the housing stock, up from 15 percent before the crash, according to Mike Orr, director of the Center for Real Estate Theory and Practice at Arizona State University.

On the other side, the share of homes on the market for $150,000 or less dropped from 25 percent before the crash to 14 percent today, Orr told the New York Times.

Source: New York Times

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