New home sales leveling off according to real estate expert Jim Belfiore

By Mike Sunnucks | Rose Law Group Reporter

New homes sales are leveling off some but continue to show plenty of strength in the Phoenix market.

That is according to Jim Belfiore, a principal with the real estate research firm Zonda.

Belfiore said November numbers of the Phoenix housing market show new home sales are up 53% compared to a year ago.

“So, it’s still crazy,” Belfiore said of the continued strength on the regional housing market.

Belfiore said November 2020 new home sales are down 7% compared to October noting the holiday season usually sees a leveling out in buyer demand.

But Belfiore said November sales volumes are still not too far off the peak of the 2020 market in August when buyers demand was at historic levels because of low mortgage interest rates.

“We’re still only down 10.2%. The drop is not all that significant,” he said.

Belfiore said he is seeing a more substantial drop in sales in Tucson in part because that market sees more seasonal fluctuations.

“They have a much larger percentage of mature buyers, second home buyers,” he said.

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December 2020