Thursday, September 28, 2023 5:10 am

Softening housing market temporary, Belfiore says

housing market

housing market Jim Belfiore, President of Belfiore Real Estate Consulting, shared his views with 500 Home Builders Association of Central Arizona members last week at the annual Southwest Builders Show.  During his address, Belfiore acknowledged the housing market had not performed to expectations this year.  New home sales came in substantially lower than expected, and recently, a few builders have lowered base home prices in actively-marketed communities.  “The significant increase in home prices earlier this year coupled with a mid-year spike in mortgage interest rates, shocked buyers.  Some potential buyers paused.  They will be back.”  Belfiore’s closing recommendation to HBACA members:  Meet the new neighbors.  Population growth is back and, Belfiore suggested, a lot of new people are going to be moving into the Phoenix-area over the next five years.  “These people will need to live somewhere.  We are going to need to build more homes.  Don’t forget to go over and introduce yourself!”

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