Greater metropolitan Phoenix, including Maricopa and Pinal counties, experienced an unprecedented surge in housing starts and prices from 2003 to 2006. These increases occurred during one of the longest periods of increased growth experienced in the region's housing market. During this period, median home prices across most of the country also increased. However, due to population growth, housing demand and ultimately speculation, Phoenix and other Sunbelt markets experienced a rash of new home starts and some of the highest price increases in the nation.
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