Belfiore Real Estate Consulting Publishes June Metro Phoenix Area KnowledgeBase Current & Future Market Insights Publication, Demand Slows as Summer Approaches but Year-over-year Improvement Remains Substantial
Phoenix, AZ, June 17, 2015: On Tuesday, Belfiore Real Estate Consulting published
the June 2015 edition of its Metro Phoenix Area KnowledgeBase Current & Future Market Insights Publication. The expert analysis in this month’s publication focuses on the closing of the spring selling season, reflecting on the commendable growth within the new home market this year.
New home sales, despite falling 4% month-over-month, remarkably increased 37% year-over-year. The new home sales that occurred between mid-May and mid-June constitute the second highest sales volume seen in any 30-day period over the last 35 months. New home prices are slowly creeping upward- largely the result of homebuilders being disciplined in holding speculative supply to a level conducive to stable price appreciation. Recent improvement in the Metro Phoenix new home market is in-part attributable to the strong performance of the resale home market. A sustained contraction in supply has brought on rapidly increasing resale prices, and healthy resale product circulation has mitigated the number of new home purchases impeded by existing home sale contingencies.
Peak performance of the new home market has likely been hit this year. With demand anticipated to slow down, as usual, for the remainder of 2015, Belfiore Real Estate Consulting asserts, “builders will be challenged to show restraint through the second half of the year, limiting speculative inventory to near-term demand in an effort to set-up early 2016 for continued pricing power.”
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.
