Phoenix Business Journal
Rebounding home prices and low inventory of existing homes in the first half of this year has pushed Phoenix-area land acquisitions up by a whopping 59 percent year-over-year, according to the latest figures by Colliers International in Phoenix.
The Valley’s land acquisition activity in the first half of this year also occurred for a much higher price tag, with median prices surging by 80 percent compared with last year, the mid-year report said.
About 70 percent of the land sold this year — about 150 transactions, or roughly 32,000 acres — is also slated for residential development, according to the report. That’s about the same as last year’s percentage, but significantly up from three years ago when less than 55 percent of all Phoenix-area land transactions were intended for residential use.