My house has roughly doubled in value in the Phoenix area in the 5.5 years since we bought it. We couldn’t afford it today if we were buying new.
The problem is twofold - one issue is there is a lot of the real estate tied up being used only during the cold weather months from snowbirds. The population goes up by roughly a third then. The other issue is folks moving here from other states, primarily California. The influx has greatly exceeded the rate of new construction.