By Catherine Reagor and Ronald J. Hansen | The Arizona Republic
Homebuyers looking to purchase a house before prices and interest rates climb higher are filling builders’ sales offices on weekends.
New houses are springing up around the Valley, and builders are buying more land for new subdivisions.
They are all welcome signs that the slowly recovering housing market is picking up as metro Phoenix continues to pull out of the recession.
More homes are being built than last year, but the pace of the recovery is not accelerating as fast as had been anticipated. According to industry experts, new-home construction will climb at less than half the rate expected earlier this year.
A combination of factors is creating headwinds for the homebuilding industry: a shortage of construction workers; subcontractors unable to ramp up their operations fast enough; and a shrinking availability of prime building lots.
If you’d like to discuss real estate matters, contact Rose Law Group founder Jordan Rose, jrose@roselawgroup.com
