There’s more good news as the housing market continues its robust rebound, a new report says.
Belfiore Real Estate Consulting has published the April 2015 edition of its metro Phoenix Area KnowledgeBase Current & Future Market Insights Publication.
Per this month’s edition, performance of the metro Phoenix area new home market has recently improved remarkably. According to the report, “the metro Phoenix area housing market has improved more during the last 60 days than during any other period in the last decade.”
Year-over-year, new home sales have increased by an extraordinary 38 percent, reaching a 33-month high; this amounts to new home sales nearly doubling since just last quarter, a news release says. Despite 17 percent more active new home communities in the metro Phoenix area than last year, builders have improved sales performance per active new home subdivision with the dramatic increase in total sales volume.
Homebuilders have also successfully lowered speculative supply to a 12-month low, eliminating the early-year risk of price regression due to oversupply, the release said. While prices were initially forecasted to remain flat to decreasing slightly earlier this year, in the April KnowledgeBase publication, Belfiore Real Estate Consulting projects 1 percent to 3 percent appreciation in net new build prices over the course of 2015.
Those seeking a copy of the latest KnowledgeBase Current and Future Market Insights or comments on recent, current, or future Tucson 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.
