There are currently--get this--8,000-ish single family homes under $700,000 for sale in the Phoenix metro area, which has a rough population of 5 million people. The Phoenix metro area goes as far north as Black Canyon City, as far south as Casa Grande and spans from Gila Bend/Buckeye to Superior.
By the way, a "balanced" real estate market in the Phoenix metro area is closer to 30,000, though I have heard that number be as high as 43,000. Either way, it is a madhouse out there.
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