April 4, 2025 11:48 am
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Homebuilders see alarming surge in new home cancellations

(Disclosure: Rose Law Group represents Richmond American Homes and Taylor Morrison.)

By Angela Gonzales | Phoenix Business Journal

Homebuilders in metro Phoenix face an alarming surge in contract cancellations at a time when economists are pointing to another recession.

Through the middle of July, the cancellation rate was in the 30% range, up from 8-10% in 2020 and 2021, and up from 15% in 2018 and 2019, said Steven Hensley, advisory manager for Zonda housing market research firm.

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