By Catherine Reagor | Arizona
More than 3,000 people showed up in May for the grand opening of the south Phoenix community Avance. Maracay Homes sold 65 houses there in 60 days.
/Photo: Maracay Homes
Demand like that for new homes in the Valley was common during the boom of 2005 and 2006, and has been rare since then.
But new home sales in metro Phoenix soared during the past few months to levels not seen by builders since 2007.
Lower interest rates and higher resale home prices are giving the home building market a boost.
“Homebuyers, uncharacteristically ignoring Phoenix’s undesirable summer climate, continued braving the heat and humidity in July, to push sales well above July sales levels of years past,” Arizona housing analyst Jim Belfiore said.
