By Angela Gonzales | Phoenix Business Journal
Homebuilders can’t keep pace with demand for housing in metro Phoenix as more people continue to move to the Valley and unemployment is the lowest it’s been in a decade.
The Home Builders Association of Central Arizona released its October 2019 single-family building permits data that shows the most single-family permits were pulled in that month since July 2007.
Jeff Gunderson, senior vice president of land acquisition and development for Miami-based Lennar Corp. (NYSE: LEN), said demand for new homes is strong.
“I don’t want to say demand is insane or anything, but there’s absolutely no fear of overbuilding,” he said. “We’re going to barely make it to 24,000 single-family permits this year.”
That’s down significantly from the 60,000 single-family permits homebuilders pulled before the market crashed in late 2007.
Labor challenges keep the market in check and keep homebuilders from overbuilding this time, Gunderson said.
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