By Mike Sunnucks | Rose Law Group Reporter
New home sales have slowed down the past month, according to regional real estate expert Jim Belfiore.
“Sales slowed pretty dramatically over the last 30 days,” said Belfiore, a principal with real estate research firm Zonda.
New home sales are down 29% for the time period of mid-November to mid-December compared to the previous month.
Belfiore does not attribute the drop to COVID-19 and all its impacts. He said the drop is in line with seasonal decreases in home sales volumes in the Phoenix market.
Belfiore said he looked at the last 10 years of housing data and found the November to December time period saw average drops of 25% during the holiday season.
“I don’t think it’s COVID,” Belifore said.
Still, regional home sales are healthy compared to a year ago.
Zonda’s mid-November to mid-December data shows new homes sales are up 20% compared to a year ago.