Land sales in Greater Phoenix were slower in the first half of 2018 than the second half of 2017. However, the first six months did outpace the same period of 2017. The momentum of land transactions is expected to pick up as the housing market becomes healthier and permitting improves.
Land sales increased more than 30 percent in 2017 but have slowed by approximately 25 percent during the first half of 2018. Prices for land parcels inched lower, despite stronger conditions in both the housing and commercial real estate markets.
Permitting for single-family homes surged during the first half while multifamily project permitting leveled off. Permitting for single-family homes is forecast to reach its highest level since 2007.