By Angela Gonzales | Phoenix Business Journal
Jim Daniel, president of R.L. Brown Housing Reports, said homebuilders are benefiting from the shortage of resale listings.
Year to date, builders have closed on more than 15,000 new homes, down less than 1% from the 15,388 closings between January and August of 2022, Daniel said.
The median new home price over the last 13 months has remained flat, he said. On Aug. 23 that median new home price was $478,993, only $300 higher than Aug. 22.
“The housing market reacts to interest rates, and right now it appears that we will see the status quo for the immediate future,” Daniel said. “One segment of the housing market that we are watching is the completion of many build-to-rent and apartment complexes, and that effect on monthly rental rates.”
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