By Mike Sunnucks | Rose Law Group Reporter
New home sales in metro Phoenix have just ended an 8.5-month slump with monthly sales demand now up 3 percent compared to a year ago, according to the latest research from Belfiore Real Estate Consulting.
September which was the last time year-over-year monthly sales were up in Maricopa and Pinal counties. Monthly sales were down between 7 and 19 percent year-over-year during the demand slump.
Jim Belfiore, president of Belfiore Real Estate Consulting, expects the stronger housing demand numbers to keep growing in June.
“We might be up anywhere from 8 to 12 percent year-over-year,” Belfiore said of his expectations for housing demand next month.
The regional housing expert said affordable markets such as south Phoenix and Pinal submarkets like Casa Grande, Maricopa and Coolidge are driving new home sales gains.
“It’s more affordable markets. People are flocking to affordability,” Belfiore said.
He said a chunk of that demand is from current renters weighing renting an apartment for $1,800 per month of buying a $240,000 house with an $1,800 a month mortgage.
“People are seeking out more affordable homes. That’s a trend that’s very likely to continue,” Belfiore said.
