Homebuilders unveil new Valley communities, despite soft spring sales

By Angela Gonzales | Phoenix Business Journal

Despite a soft spring, several homebuilders are moving ahead with plans to open their communities throughout the Valley this summer.

“The Phoenix area housing market has stalled in recent months as a result of eroding affordability from spiking mortgage interest rates,” said Steve Hensley, advisory manager for Zonda housing research firm. “Zonda’s New Home Pending Sales Index shows demand fell 10% from April to May and demand was 24% lower than a year ago.”

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