New home starts up 60% from last year in Phoenix

homesAZ Business Magazine

Metrostudy’s 1Q16 survey of the Phoenix housing market shows annual home starts, attached and detached, in the Phoenix area numbered 16,687 over the past four quarters ending 1Q16, a 60% increase YoY and up 13% from 4Q15. Quarterly starts in 1Q16 numbered 3,928 units, up 47%% from 1Q15. Annual closings numbered 12,651, up 20% YoY, while quarterly closings in 1Q16 numbered 3,414 units, up 32% YoY.

“The first quarter of 2016 had the strongest annual closing performance during the past three years,” said David Brown, Metrostudy’s Regional Director of the Phoenix region. “Heading deeper into 2016, concerns remain regarding lack of real wage increases and rising new home prices. Starts and closings are projected to increase at a moderate pace during 2016, despite wage and pricing concerns.”

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