By Angela Gonzales | Phoenix Business Journal Homebuilders are pulling more single-family building permits than they did this time last year, according to new data released by the Home Builders Association of Central Arizona. From January through April, homebuilders pulled 8,680 permits, an 11% increase over the same period during 2019, according to HBACA. Avondale …
By Angela Gonzales | Phoenix Business Journal Leading the nation once again in home price gains, Phoenix appears to be immune to COVID-19. At 8.2%, Phoenix reported the highest year-over-year gains during March, according to the S&P CoreLogic Case-Shiller Indices, at a time when the national year-over-year gain was 4.4%. Tina Tamboer, who keeps a …
By Angela Gonzales | Phoenix Business Journal While home sales volume in metro Phoenix took a hit in April, the existing home sales market already has rebounded. You read that correctly: Already rebounded. Tina Tamboer, senior housing analyst for The Cromford Report, said home sales in the existing resale market were sharply lower in April, …
By Angela Gonzales | Phoenix Business Journal While homebuilders were expecting a strong selling season this spring before COVID-19 hit, the impact of stay-at-home orders wasn’t as painful as expected as they pivoted to offer virtual and appointment-only tours. From entry-level to luxury properties, homebuilders experienced better April sales than they did in March, when …
By Angela Gonzales | Phoenix Business Journal As COVID-19 has put a damper on what originally was going to be a hot spring selling season for homebuilders, Meritage Homes Corp. has reduced spending and may cancel some land purchases in certain markets nationwide. Steve Hilton, chairman and CEO of the Scottsdale-based homebuilder, told analysts in …
By Angela Gonzales | Phoenix Business Journal Nervous about potential pay cuts, furloughs and unemployment, homebuyers are hitting the pause button when it comes to buying a new home. While homebuilder sales offices remain open, demand for homes has plummeted with the stay-in-place mandate in effect, said Jim Belfiore, founder of Belfiore Real Estate Consulting. …
By Angela Gonzales | Phoenix Business Journal A few weeks ago, mortgage rates were at an all-time low, giving homebuyers a bit of silver lining during this COVID-19 pandemic. But a stampede of homeowners trying to refinance their existing homes overwhelmed mortgage lenders, who didn’t have the personnel to keep up with the applications, said …
By Angela Gonzales | Phoenix Business Journal The coronavirus pandemic is causing some homebuilders to close their sales offices in the Valley at a time when low mortgage interest rates are creating a window for homebuyers. Given the current COVID-19 pandemic, Scottsdale-based Taylor Morrison Home Corp. has closed its sales offices, but will conduct business …
By Angela Gonzales | Phoenix Business Journal Affordable rental rates and home prices in metro Phoenix continue to attract Southern California residents in droves, according to a report by the University of Southern California Lusk Center for Real Estate. While it’s no surprise to local real estate experts, the USC Casden Multifamily Forecast shows how …
By Angela Gonzales | Phoenix Business Journal It’s no secret builders can’t construct homes and apartment units fast enough to keep pace with demand in metro Phoenix. Now more homebuilders are flocking to a hybrid model — single-family rental products — in an attempt to quench the demand for new residences. The Valley currently has …
