New homes sales see healthy 19 percent jump

By Mike Sunnucks | Rose Law Group Reporter

New home sales were up 19 percent regionally in August compared to a year ago, according to real estate expert Jim Belfiore.

“The market is moving rapidly in a positive direction,” said Belfiore, who is president of Belfiore Real Estate Consulting.

The August gains continue a strong summer for the Phoenix region.

“Over the past four months we are up an average of 16 percent,” Belfiore said.

That comes after a slow start for new homes sales in the beginning of 2019 and a lackluster last few months of 2018.

Mortgage interest rates are low and approaching record lows and the region’s continued population and job growth are driving current home sales. 

Belfiore said West Valley markets such as Buckeye, and Tolleson performed well in his firm’s most recent data collections along with East Valley areas near Phoenix-Mesa Gateway Airport.

Belfiore expects to see positive gains the rest of 2019 compared to a year ago.

“It is extremely healthy,” he said.

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September 2019