East Valley leads housing rally, demand improves

By Mike Sunnucks | Rose Law Group Reporter

Housing demand in metro Phoenix has jumped with new home sales up 14 percent and existing home sales increasing 11 percent month over month, according to the new research from Belfiore Real Estate Consulting.

“It’s a significant jump month to month,” said Belfiore Real Estate Consulting President Jim Belfiore of the new numbers which are for mid-April to mid-May and show gains compared to the previous 30-day period.

Belfiore said East Valley submarkets such as Queen Creek, Gilbert and the Williams Gateway North area of Mesa near Phoenix Gateway Airport saw increased sales demand in the current 30-day period.

“Those three are the primary contributors to the jump,” Belfiore said.

Belfiore is waiting to see if the monthly sales gains turn into more of a stronger housing trend.

Housing demand was still down 7 percent in mid-April to mid-May compared to a year ago. But Belfiore said that decline is the lowest in eight months. It is also marked improvement from the 19 percent year-over-year drop seen from mid-March to mid-April.

“It’s a significant jump upward,” said Belfiore who sees the year-over-year housing demand declines potentially ending by mid-June.

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