New home sales in metro Phoenix were up 58% in October compared to a year ago, according to Belfiore Real Estate Consulting

By Mike Sunnucks | Rose Law Group Reporter

The year-over-year increase shows the continued high demand for homes despite the coronavirus and other uncertainties.

“It’s just kind of unprecedented,” said Jim Belfiore, president of Phoenix-based Belfiore Real Estate Consulting.

He noted that the strong sales are happening while many builders are limiting the number of monthly sales at some subdivisions to spread out supplies.

Low mortgage interest rates continue to drive demand for home sales. October 2020 home sales were also up 4% compared to an already strong September.

But Belfiore said the Phoenix market continues to see low supply of construction labor and homes for sales in general.

He is also not sure there are enough supplies of lots to keep up with demand over the next 12 months.

“There just isn’t enough finished lot supply,” Belfiore said.

Belfiore said if supplies cannot keep up demand that could potentially push up prices significantly.

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