Tuesday, September 29, 2020 12:29 am

Belfiore: New home sales post 20 percent gain

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By Mike Sunnucks | Rose Law Group Reporter

The regional housing market is not taking a summer vacation after its slow start to 2019.

New home sales were up 20 percent from mid-June to mid-July compared to same time frame last year, according to Jim Belfiore, president of Belfiore Real Estate Consulting.

Belfiore latest regional housing data shows the market has not cooled in the traditionally slower and hotter summer months. That manifested after a slow start for 2019 new home sales.

“I think it’s astounding. I think it’s a late reversal,” said Belfiore of continued summer home sales. “Now we’re rolling later into summer than we naturally have in the past.”

Year-to-date new home sales are still down 2 percent compared to the same time period last year.

But Belfiore notes that in May year-to-date homes sales were down 12 percent compared to a year ago.

He said low mortgage interest rates are propelling home buying interest especially in entry level and first move up submarkets and subdivisions.

“We are a three-year low. We are very near historic lows,” Belfiore said of the current mortgage rates.

The mid-June to mid-July 20 percent sales increase year-over-year comes after a 16 percent year-over-year gain between mid-May and mid-June, according to Belfiore.

He is optimistic for the Phoenix region housing market for the second half of 2019. That is a bit of a reversal for the national housing outlook. Some other markets across the U.S. have seen sales volume slow.

“I would expect continued strength through the second half of the year,” Belfiore said of his Phoenix regional outlook.

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