By Mike Sunnucks | Rose Law Group Reporter
New home sales got off to a slow start this year but have rebounded and year-to-date sales are expected to soon be even with last year.
That is according to regional real estate expert Jim Belfiore.
Belfiore is president of Belfiore Real Estate Consulting. He said new home sales from mid-July to mid-August in metro Phoenix were up 9 percent compared to a year ago.
That makes the third straight month of year over year gains for new home sales in Maricopa and Pinal counties.
“Three months would be a trend. I would say the market is performing well,” Belfiore said.
The start of the year saw new homes sales down compared to the same time frames in 2018.
Belfiore said for the 4.5 months of the 2019 new homes sales were down 12 percent year-to-date compared to 2018.
Now with the three months of gains, year-to-date new homes sales for 2019 are down 2 percent compared to a year ago.
Belfiore expects those to get back to level in the next 30 to 45 days. He also expects new home sales for all of 2019 to end up ahead of 2018.
“We will have grown by the end of the year which is a positive thing,” he said.