In economics high prices are the solution for high prices and low prices are the solution for low prices.Now let's begin by looking at a chart of inflation adjusted housing prices in Miami from "The Economist" magazine.As you can see it dates back to 1980.  

Economists polled by Reuters had forecast new home sales, which account for about 10.2 percent of the housing market, rising to only a 523,000 unit-rate last month.New home sales are volatile month-to-month and April's increase probably exaggerates the housing market strength.Still, last month's gain pushed new home sales well above their first-quarter average of 531,667 units.

Interest rates are historically very low and many economist believe that inflation is coming.

Just a guess, I'm no economist, and home loan rates don't always move in lock-step with what the fed does.2.)

I'm not an economist, I don't have a crystal ball. 

Economists attempt, not always successfully to predict the movement of global, national and state based economic drivers to help guide us to where the profits might be, t what might happen to interest rate sand thus the effects of possible inflation.

Economists love to extrapolate data in a vacuum and act like policy levers can't be pulled to make adjustments over time.

Most of the economists will say that the inflation runs at around 3% a year, which is almost the interest you are paying on these loans.

I'm no economist.

I do live and specialize in Phoenix, so I am biased 😉But also, on a webinar right now with a local housing economist that just went over this slide.While other states may be seeing strong job growth, I would argue that nowhere else is the majority of their growth concentrated within a single metropolitan area like we are seeing in Phoenix: