By Angela Gonzales | Phoenix Business Journal
While new home sales dipped in December nationwide, Phoenix is already beginning to see a rebound.
Nationwide, new single-family home sales slipped 0.4% in December to 694,000 units, marking the U.S. housing market’s third consecutive monthly drop since hitting near-cycle highs in September, according to a BMO Capital Markets Economic Research report.
It’s no surprise that new home sales dipped in December, which is always when potential buyers are more focused on the holidays, said Jim Belfiore, founder of Belfiore Real Estate Consulting in Phoenix.
But while seasonal slippage usually continues through mid-January, Belfiore said he’s already seeing new home sales in the Valley begin to rebound.
“I anticipate month-over-month growth to hit 10% by mid-February, and a continuation of the 33% to 44% growth that has occurred over the last four months when monthly data is compared with data from the same period one year ago,” Belfiore said. “Home sales volumes will grow enormously this spring, with an extraordinary shift in sales from resale to new — given the lack of resale supply available.”
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