Belfiore Real Estate Consulting has published the May 2015 edition of its Metro Phoenix Area KnowledgeBase Current & Future Market Insights Publication.
In this month’s publication, Belfiore analysts review the definitive improvement in the Metro Phoenix Area housing market, now sustained over three consecutive months, a press release said.
The insights presented in the report suggest the housing market’s recent progress is not merely another false-start, with inventory levels, sales volumes, and prices moving in the right direction while traffic levels and projections for job and population growth remain healthy. “…a sustained recovery looks and feels more possible than it has during any period since the housing bubble popped,” the report said.
Spring was a period of great success for homebuilders. “New home sales hit a near-3 year high over the last 30 days. Metro Phoenix Area builders reported nearly 1,500 new purchase contracts, more than during any single 30-day period since July 2012. Recent sales equate to a much better mid-April to mid-May 2015 than mid-April to mid-May 2014- 43 percent better…,” the report said.
Even greater sales activity is expected in the next two to four weeks, the release said.
Demand is up in most submarkets and in all segments, signifying sales will continue to increase until the summer heat sets in, according to Belfiore Real Estate Consulting. Furthermore, new home prices have begun climbing again, increasing 0.2 percent in March. While recent increases have been fairly small, they are likely the start of more significant increases in coming months.
Those seeking a copy of the latest KnowledgeBase Current and Future Market Insights or comments on recent, current, or future Metro Phoenix housing market conditions may contact Jim Belfiore at Belfiore Real Estate Consulting, 480-706-1002, jimbelfiore@belfioreconsulting.com.
Belfiore Real Estate Consulting is Arizona’s only full-service, independent, fee-based residential real estate consulting firm. The firm services all Arizona housing markets, supporting investors, developers, homebuilders, and lenders with off-the-shelf data and advisory products, as well as custom feasibility analysis. Belfiore Real Estate Consulting celebrates its 10 years of providing quality and timely real estate information in 2016.
