Industry Experts Offer Predictions on Valley Residential Market

By Angela Gonzales | Phoenix Business Journal The skyrocketing growth in the Valley’s residential real estate market is expected to continue through 2021, as homebuilders furiously buy land to build more homes to keep up with insatiable demand. The Phoenix Business Journal recently invited some of the Valley’s top real estate experts for a recent …

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Scottsdale Builder’s Home Prices Jump One Month After Opening

By Angela Gonzales | Phoenix Business Journal Homes are selling so quickly at the Lakes at Rancho El Dorado that prices are now in the high $200,000s, up from the mid $200,000s when Scottsdale-based Meritage Homes Corp. announced the opening a month ago. “Price increasing is due to demand, but more so rapidly increasing building …

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Homebuyer Competition Rises in Hot Phoenix Metro Neighborhoods

By Angela Gonzales | Phoenix Business Journal Homebuyers in metro Phoenix are having a tougher time than ever finding homes on the market at a time when inventory is among the lowest in the nation. With 0.9 months supply of inventory in October, Phoenix tied for third with Charlotte, North Carolina; Omaha, Nebraska; and Denver, …

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Demand So High, Valley Homebuilders Consider Lotteries

By Angela Gonzales | Phoenix Business Journal Record low mortgage rates are pushing homebuilder sales office traffic and new home sales higher, as the supply of existing homes remains extremely low in Arizona. This is causing some homebuilders to think about using a lottery or drawing system to sell a limited supply of homes, said …

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Demand Pushes Valley Year Over Year Home Price Gains to #1

By Angela Gonzales | Phoenix Business Journal Once again, Phoenix has reported the highest year-over-year gains in home price growth, well ahead of other key U.S. cities. With a 9% year-over-year gain in May among 19 cities measured by the S&P CoreLogic Case-Shiller U.S. National Home Price NSA Index, Phoenix was followed by Seattle, at …

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Valley Homebuilders Opening More New Communities

By Angela Gonzales | Phoenix Business Journal Even amid the spread of COVID-19, homebuilders are moving ahead with more new communities throughout the Valley. During the past 30 days, sales contracts shot up 28% at a time when demand typically falls during the hot summer months, said Jim Belfiore, founder of Belfiore Real Estate Consulting. …

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Unemployment, Credit Changes May Impact Valley Housing Market

By Angela Gonzales | Phoenix Business Journal As the Phoenix housing market begins to recover from the COVID-19 pandemic, another type of infection could hurt long-term demand. “We need to watch how the credit infection infects the housing market today,” Jim Belfiore, founder of Belfiore Real Estate Consulting in Phoenix, told homebuilders in a recent …

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New Valley Home Sales Rebound After December Dip

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 …

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Valley Single-Family Permits Surge, Hot Spots Emerge

By Angela Gonzales | Phoenix Business Journal Homebuilders pulled 9% more single-family building permits in 2019 than they did during 2018, according to data released by the Home Builders Association of Central Arizona. In 2019, homebuilders pulled 24,476 single-family building permits. That was above the 22,437 permits they pulled in 2018, according to HBACA. Here …

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Lack of Valley Inventory Big Catalyst for New Home Sales in 2020

By Angela Gonzales | Phoenix Business Journal Jim Belfiore suggests that homebuilders should cancel their vacation plans. In his 2020 market update, the founder of Phoenix-based Belfiore Real Estate Consulting said he expects a busy season for new home sales, especially because existing home market inventory is so low. Metro Phoenix has 15,301 total listings, …

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